Sydney, July 10, 2007 (ABN Newswire) - Woolworths is due to report its fourth quarter sales results today and all eyes are on a bumper result. Woolworths bringing the announcement forward by a week has seen analysts forecasting the strongest like for like food and liquor sales growth in over five years with the company well poised to continue growing market share at the expense of Coles. The Wesfarmers takeover of Coles Group is about three months from completion and Coles is not expected to achieve stability or rein in market share losses until the new owner has time to turn the business around. Woolworths is also awaiting the result of enquiries from the competition watchdog regards Woolworths acquiring Officeworks plus either Target or Kmart. Woolworths has been steadily increasing profits in recent years.
Steve Cosser, chairman of Unwired Group, has abruptly left the wireless broadband telco, citing personal reasons. Mr. Cosser was one of the original founders of Unwired and was instrumental in the subsequent float of Unwired in 2003. Unwired recently lost over $600 million of government funding to a rival consortium that is setting up a new regional broadband network. However, Unwired CEO David Spence has said Mr. Cosser's departure had nothing to do with that decision. Mr Cosser will be replaced with Unwired Director Michael Burgess. Unwired Group has posted net loss results for the last three financial years after posting a profit highlight in 2003.
And Sky News is reporting that Woodside Petroleum could face higher costs if it's forced to meet marine and environmental standards on a planned LNG plant in Western Australia. The environmental protection Authority says the $10 billion Pluto LNG project will have a strong environmental impact with marine life and vegetation expected to suffer. However, Woodside says the costs won't be significant given the size of the plant. Final environmental approval is due to be handed down later this year. Woodside posted a record profit result in 2006
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