The Federal Court has dismissed two tax debt cases against Nathan Tinkler's sports interests, including the Newcastle Knights, after settlements were reached. Tax Office cases against the Knights and Mr Tinkler's Hunter Sports Group were dismissed "on the basis an accommodation has been reached". A third tax debt case involving the Newcastle Jets was adjourned until April 5.
GWA Group has suffered a 21 per cent first-half profit drop as home building activity remains flat. Net profit in the six months to December 31 was $15.73 million, which included $5.2 million in restructuring costs. Revenue fell 8 per cent to $289.9 million, and the first-half dividend was cut to 6¢ a share, down from 9.5¢.
THE REJECT SHOP
The Reject Shop plans to open a sourcing office in China in the next year to help improve the flow of products. The discount retailer posted a 21.2 per cent increase in net profit to $20.1 million for the six months to December 31, on revenue 11.9 per cent higher at $327.5 million. It posted same store sales growth of 2.1 per cent, notching up five consecutive quarters of comparable sales growth.
Super revs up
Super Retail Group, which owns a portfolio of sports and leisure stores including Super Cheap Auto, Ray's Outdoors and Rebel, reported an interim net profit of $60.61 million, up 74 per cent and helped by the full inclusion during the half of the recently acquired Rebel and Amart Sports businesses. Revenue for the half rose 36.6 per cent to $1.037 billion.
The FBI is examining possible insider trading in Heinz shares linked to a Swiss account ahead of last week's buyout announcement. The US Securities and Exchange Commission said it had identified suspicious Heinz trades a day before Warren Buffett's Berkshire Hathaway and 3G Capital announced they were acquiring the food group.