Sydney, Aug 31, 2007 (ABN Newswire) -
Harvey Norman has posted a solid full year profit. The Australian electrical and furniture retailer says its underlying net profit rose 28 percent to $260.35M after tax. That is above market expectations and up an estimated $57M on the previous year. It comes on the back of a surge in consumer spending, with many Australians stocking up on hot items such as flat-screen televisions and laptops. Harvey Norman has been expanding overseas, where it has 53 stores, including 24 in New Zealand, 14 in Singapore and a handful in Slovenia. Harvey Norman's profits have risen steadily over the past four financial years.
Qantas has moved to offset its air traffic pollution. The airline's Executive general manager John Borghetti has announced a carbon credit program to be launched later this month. It means consumers and businesses will be able to purchase credits to offset their C02 emissions. Qantas hasn't said how the scheme will increase the price of a ticket but has promised to cover the extra cost of carbon offsetting for its first day of its operation. Qantas Airways produced a record profit in 2007.
Mount Gibson has posted a record net profit. The iron ore producer reported a net profit of almost $47.8M, up 103 per cent on the previous year. The profit comes as the company gained control of Aztec Resources Ltd and lost control of Asia Iron Holdings Ltd. Mount Gibson's net assets now total $454M. Mount Gibson Iron Ore has doubled its profit after producing a turn around in earnings in 2005.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/TD7JQ5MAAudio Link
http://abnnewswire.net/lnk/2TD5BFDLSource: Finance News Network © 2007
http://www.finnewsnetwork.com.auAbout Finance News Network
Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network.
http://www.finnewsnetwork.com.au
