BRIEFS
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.
COAL
Xstrata record
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.
TELCOS
Amcom ahead
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.
FUNDS MANAGER
Centuria gains
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
Bumper profit
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
Pumped up
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.
Frequently Asked Questions about this Article…
Rio Tinto's strong iron ore business is the main driver behind the expected full-year net profit of more than $9 billion, according to the article.
The company said the result will be affected by about US$14 billion of writedowns on its aluminium and coal assets, which were announced before the replacement of chief executive Tom Albanese.
Xstrata reported record annual thermal coal production in 2012, record refined nickel volumes and a second consecutive year of record Australian zinc production, helped by commissioning projects such as Ravensworth North, Ulan West and Ulan open‑cut.
The article says Xstrata is set to merge with Glencore next month.
Amcom reported a 20% rise in first‑half profits, with profits before significant items up 20% to $10.05 million for the six months to December 31, and it flagged a similar result for the full year.
Centuria Capital flagged a December half net profit of $2.5 million to $2.9 million, up sharply from a $0.98 million net profit in the same period a year earlier.
Analysts expect Commonwealth Bank, Australia's largest home lender, to post another bumper first‑half result, forecasting a cash profit of about $3.7 billion when it reports on Wednesday.
Michelin reported a 25% rise in full‑year earnings, with operating profit jumping to €2.42 billion (about $3.2 billion) on revenue up 3.6% to €21.5 billion, driven largely by increased sales in its specialty tyres division that offset a weak European car market.
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