Markets

Fintech Prospa has now written $750 million in loans

Prospa’s loans for 2018 were $367 million, up 70%, and 9% better than prospectus forecasts. The fintech has now delivered over $750 million in loans to 15,000 Australian small businesses. Loans in New Zealand reaches $NZ1million in the first 30 days. Fintech Prospa, a lender to small business which in […]
Fintech Prospa has now written $750 million in loans
Markets

NAB’s cash earnings are down as royal commission costs rise

In a third quarter update, NAB says cash earnings were down 3% on last year. Revenue was up 1% but expenses rose 2%. Net interest margin declined slightly. The NAB warned of provisions ahead from the financial services royal commission as the bank recorded a drop in cash earnings for […]
NAB’s cash earnings are down as royal commission costs rise
Markets

Australia’s February reporting season result was ‘not bad’

The February reporting season revealed moderate earnings upgrades by Australia’s biggest ASX-listed companies. But rising costs, ahead of revenue, put a dampener on the overall results. “There was a strong tone to the reporting period,” write Credit Suisse analysts Hasan Tevfik and Peter Liu. “However, we believe it could have […]
Australia’s February reporting season result was ‘not bad’
Markets

Macquarie Bank says it’s about to post another record profit

Macquarie Bank says it expects to end the 2018 financial year with a net profit profit 10% higher than last year’s record of $2.21 billion. The guidance, up on previous forecasts, would mean three record profit years in a row for the investment bank. In a third quarter trading update […]
Macquarie Bank says it’s about to post another record profit
News

Shares in Mike Ashley’s Sports Direct drop as profits plunge 69%

Shares in retail giant Sports Direct were down 11% on Thursday morning after it released a first-half results statement which disguised plummeting profits. The group claimed “spectacular” trading performance but analyst Michael van Dulken said reported profits fell an eye-watering 69% after adjustments. LONDON – Shares in retail giant Sports […]
Shares in Mike Ashley’s Sports Direct drop as profits plunge 69%
Markets

Qantas revenue has jumped but fuel costs are rising

Qantas today posted a 5.1% rise in revenue to $4.19 billion for the first quarter on the back of improved demand for airline seats on both domestic and international services. “The domestic market is healthy but remains very competitive,” says CEO Alan Joyce. Revenue for a combined domestic Qantas and […]
Qantas revenue has jumped but fuel costs are rising
Markets

Wesfarmers is considering abandoning quarterly sales updates

Wesfarmers, Australia’s biggest private employer and the owner of a string of retail operations including supermarket Coles, is looking at dropping quarterly sales updates to the market. Outgoing managing director Richard Goyder says: “In my view it distorts the market because the time frame is too short and market reaction […]
Wesfarmers is considering abandoning quarterly sales updates
Markets

Lendlease accidentally released results early – and its shares rose

Property group Lendlease accidentally publicly released part of its annual financial results today before they were ready. The misstep sent its shares 1% higher to close at $16.66. The accidentally released numbers show full year EBITDA (earnings before interest, taxes, depreciation, and amortisation) at $1.2 billion, up from $1.05 billion […]
Lendlease accidentally released results early – and its shares rose
Markets

Macquarie Bank says 2017 is on track to repeat record profits

Macquarie Bank expects its 2017 net profits to be “broadly in line” with last year’s record net profit of $2.063 billion. That result for the 12 months to March represented a 29% rise on the prior year. The bank says the first quarter of the 2017 financial year is down […]
Macquarie Bank says 2017 is on track to repeat record profits
Markets

Surfstitch profits jump 40% after major acquisition spree

Online surf wear retailer and digital media company Surfstitch delivered a maiden profit of $5.7 million following a string of acquisitions which helped boost sales by 40 per cent in the six months ending December. Surfstitch swung to a modest statutory net profit of $368,000 from a $5.6 million loss […]
Surfstitch profits jump 40% after major acquisition spree
Markets

NAB posts 8% rise in cash profit to $1.7 billion, bad debts halved

NAB, fresh from the $3.2 billion demerger its UK business, has posted an 8% rise in cash profit to $1.7 billion for the December quarter. The unaudited results for the bank’s first quarter show expenses, up 5%, overshadowed the 2% revenue increase. The cash profit is approximately 3% above the […]
NAB posts 8% rise in cash profit to $1.7 billion, bad debts halved