Sydney, Nov 2, 2007 (ABN Newswire) -
Some of the top company stories this morning: Resmed execs sleep soundly, Portman hurt by stronger dollar, but first to AGL.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/KKG65K1GAudio Link
http://abnnewswire.net/lnk/65UBO629AGL Energy has announced it will sell its stake AlintaAGL for $522 million, which will translate into a pre-tax profit of $125 million within the first 12 months. The sale is part of the merger and subsequent demerger agreement of AGL and Alinta. AGL's managing director say the price reflects an outstanding return for AGL in a very short period. The sale is expected to be immediately EPS accretive, but will not change AGL's revised earnings outlook of between $330-360 million. AGL Energy posted its strongest profit result in 2005.
Resmed's quarterly results have come in 14% higher than a year ago. Revenue came in at $203 million. The company's chairman and chief exec said first quarter Americas ales excluding its motor division increased 11 per cent, while global sales jumped 19 per cent. Resmed manufactures medical equipment for the treatment of sleep disordered breathing. It estimates new products will help it return to historical growth rates in the second half of fiscal 2008. Resmed earnings peaked in 2006.
And Portman's quarterly results have come in with a net profit of $20.5 million down nearly $10 million over last year. The WA based supplier of iron ore to the Chinese and Japanese markets blamed the Aussie dollar and increased costs for the drop, as well as an unfavourable mark-to-market adjustment of its hedge book. The drag was partially offset by higher selling prices. But looking ahead, Portman estimates selling prices will be offset by the stronger dollar. Portman has posted steadily increasing profits since 2002.
Source: Finance News Network © 2007
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