BRIEFS

MEDIA

By InvestSMART · 18 Aug 2012

By InvestSMART ·
18 Aug 2012

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MEDIA

APN toughs it out

A writedown on the value of its New Zealand mastheads has pushed the regional newspaper, radio and poster company APN News & Media into a first-half net loss of $319 million as trading conditions in its newspapers remained tough. The publisher announced a $485 million non-cash impairment charge associated with its New Zealand mastheads in the six months to June 30. Australian mastheads were unchanged. The APN chief, Brett Chenoweth, said that conditions in its publishing division remained tough and were likely to continue to be until the end of the year. "We are not in a position to call a recovery, we are assuming the next six months are going to be tough and we are planning our business accordingly," he said.

RETAIL

Oroton bagged

Shares in Oroton fell as much as 20 per cent after the retailer lost the licence to exclusively distribute Ralph Lauren in Australasia. "While we're disappointed, we had contingency plans in place," the Oroton chief executive, Sally Macdonald, told BusinessDay.

STEEL

Bisalloy's bolter

Bisalloy Steel Group Limited has reported a net profit after tax of $6.8 million, a 129 per cent increase on the previous year. The company announced it would reintroduce fully franked dividends in the 2012-13 year, to be paid on 50 per cent of net profit after tax, excluding any contributions from its Chinese joint venture. Revenue for the year was $104 million, up 32 per cent. Its shares closed yesterday at $1.53, up 16? on the last trading day's close of $1.37.

TAKEOVERS

Alesco rebuffed

The Takeovers Panel has declined to make declarations in relation to complaints brought before it by takeover target Alesco Corporation and predator DuluxGroup. Building products supplier Alesco had claimed that paintmaker DuluxGroup had made misleading and deceptive statements in relation to its bid. Alesco claimed that DuluxGroup had overstated the amount of dividends that Alesco could pay and the value to shareholders of franking credits.

ONLINE

Quickflix tabs a hit

Shares in the online movie company Quickflix have risen by more than 4 per cent on the back of the release yesterday of its "all you can view" movie streaming service on the Samsung Galaxy Tab 2.

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Frequently Asked Questions about this Article…

What caused APN News & Media to report a first-half net loss?

APN News & Media posted a first-half net loss of $319 million after a $485 million non-cash impairment charge relating to its New Zealand mastheads. The company said trading in its newspapers remained tough, which contributed to the writedown.

What did APN's management say about the outlook for its publishing division?

APN chief Brett Chenoweth said conditions in the publishing division remained tough and were likely to continue until the end of the year. He said the company could not call a recovery and was planning on the next six months being difficult.

Why did Oroton shares fall and what does that mean for investors?

Oroton shares fell as much as 20% after the retailer lost the exclusive licence to distribute Ralph Lauren in Australasia. The company’s CEO, Sally Macdonald, said they were disappointed but had contingency plans in place—investors should note the immediate share reaction to the licence loss.

What were Bisalloy Steel Group’s recent financial results and dividend plans?

Bisalloy Steel Group reported a net profit after tax of $6.8 million, a 129% increase on the previous year, and revenue of $104 million, up 32%. The company said it would reintroduce fully franked dividends in the 2012–13 year, to be paid on 50% of net profit after tax (excluding contributions from its Chinese joint venture).

How did Bisalloy’s share price move after its results were announced?

Following the results announcement, Bisalloy’s shares closed at $1.53, up from the previous trading day's close of $1.37.

What was the outcome of the Takeovers Panel dispute between Alesco and DuluxGroup?

The Takeovers Panel declined to make declarations on complaints brought by Alesco Corporation and DuluxGroup. Alesco had alleged DuluxGroup made misleading and deceptive statements about its bid, claiming Dulux overstated the amount of dividends Alesco could pay and the value of franking credits to shareholders.

How did the market react to Quickflix launching an ‘all you can view’ service on Samsung Galaxy Tab 2?

Shares in online movie company Quickflix rose by more than 4% after it released its 'all you can view' movie streaming service on the Samsung Galaxy Tab 2.

What are the main headlines investors should note from this business roundup?

Key takeaways from the article: APN reported a large impairment and first-half loss driven by New Zealand mastheads; Oroton’s shares slumped after losing the Ralph Lauren distribution licence; Bisalloy delivered strong profit growth and will reintroduce fully franked dividends; the Takeovers Panel did not rule on the Alesco–Dulux dispute; and Quickflix saw a share bump after releasing a streaming service on Samsung’s Tab 2.