Becton Property Group says it's business as usual despite some of its holding companies collapsing with debts of $250 million. Receivers were appointed to the listed Becton Property Group and three of its subsidiaries on Tuesday after failing to meet their debt repayments. But chief executive, Matthew Chun, said the move would not affect Becton's day-to-day business, and there were no plans to cut jobs.
Beach Energy reported net profit fell 22 per cent to $43.69 million for its first half to December 31, just a day after its $349 million shale oil deal with US energy giant Chevron. Sales revenue was up 17 per cent at a record $344.7 million but costs rose also.
BA, Cathay tie
Qantas's former bedfellow, British Airways, has formed a code-share agreement with Cathay Pacific on flights to and from Australia. It is in response to Qantas ditching a long-standing deal with BA in favour of an alliance with Emirates, which begins on March 31.
Jetset Travelworld's net profit fell 23 per cent to $8.6 million in the first half as it suffered from a decline in average selling prices for fares. It will pay an interim dividend of 1¢ a share on April 2.
The corporate watchdog investigated 27 potential breaches of market rules in the six months to December 31, according to its latest supervision report. It investigated six insider trading and six market manipulation reports, 12 potential breaches of market integrity rules and three of continuous disclosure obligations. It issued seven infringement notices.
Oil Search has signalled a significant return of capital to shareholders once cash starts flowing from its $US19 billion ($18.5 billion) PNG LNG project, led by partner Exxon Mobil. Oil Search reported a 13 per cent drop in net profit to $US176 million for 2012.