Rio to post $9b
Mining giant Rio Tinto is expected to post a full-year net profit of more than $9 billion on Thursday, driven by the company's iron ore business. But the result will be affected by $US14 billion worth of writedowns on its aluminium and coal assets it announced before replacing its chief executive Tom Albanese last month.
Xstrata, set to merge with Glencore next month, reported record annual thermal coal production in 2012 spurred partly by commissioning of the Ravensworth North, Ulan West and Ulan open-cut projects in Australia. Xstrata also reported record refined nickel volumes and a second consecutive year of record Australian zinc production volumes.
Amcom Telecommunications has delivered a 20 per cent rise in first-half profits and flagged a similar result for the full year. Amcom said profits before significant items rose 20 per cent to $10.05 million in the six months to December 31.
Centuria Capital, the former Over-Fifties Friendly Society, has flagged a December half net profit of $2.5 million to $2.9 million, well up from the $0.98 million net profit of the same period a year earlier.
Commonwealth Bank is expected to post another bumper profit for the first half when it reports on Wednesday. Analysts expect Australia's largest home lender to post a cash profit of about $3.7 billion.
Michelin, Europe's largest tyremaker, said full-year earnings rose 25 per cent as increased sales at the specialty tyres division more than made up for the effects of a recession that hurt Europe's car industry. Operating profit jumped to €2.42 billion ($3.2 billion), on revenue up 3.6 per cent to €21.5 billion.
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