Sydney, Aug 17, 2007 (ABN Newswire) - Newcrest Mining has posted a 45 per cent drop in full-year profit after a charge for hedge book restructuring. Fiscal 2007 net profit fell to $72 million from just over $131 million a year earlier. The charge cost Newcrest $122.5 million. Newcrest Mining earnings have been steadily increasing since 2002.
Australia's largest industrial property developer Goodman Group reported an 18 per cent rise in full year net profit this morning. Goodman said fundamentals are strong for all areas of business. Earnings hit $622.5 million in the 12 months to June 30. Despite the positive earnings, Goodman shares have fallen 23 per cent over the past three months. The company plans to expand its Asian and European operations. Goodman Group earnings sharply increased in 2006.
In other news, a Pallinghurst Resources-led consortium that's after Consolidated Minerals is withdrawing a standing order to buy up to 11.35 million Consolidated shares at $3.30 each. It cited "softening equity market conditions" and a "general decline" in the share prices of Australian and global mining companies and stock indices as the reason for the withdrawal. Consolidated Minerals reported a loss in 2006
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