Chinese-owned Yancoal Australia plans to cut costs and increase coal production after a 34 per cent increase in full year profit. Yancoal, which joined the local market last June after merging with Gloucester Coal, posted a full-year profit after non-recurring items of $404.6 million, up from $301.5 million in 2011.
Treasury Wine Estates wants federal and state government support to help rebuild Australia's reputation for quality wine. Chief executive David Dearie said more investment was needed to revitalise "brand Australia". Treasury reported a net profit for the six months to December 31 of $52.3 million, up 30.8 per cent. Excluding one-off items, profit fell 23.2 per cent to $45 million.
Construction firm Lend Lease has sold its aged care business to private equity firm Archer Capital for $270 million, as it narrows its focus to property and building. The new owners say there will be no change to the level of care provided.
Households have poured $57 billion into deposit accounts in the past year, statistics from the Australian Prudential Regulation Authority show. All up Australians had $588 billion in the bank last month.