Press Releases

Sydney, April 30, 2010 (ABN Newswire) - Friday Asian markets broadly rebounded after Wall Street gained on a string of positive earnings reports. The Australian share market rose 0.5 per cent in early trade with material and financial stocks firmer. Today the Reserve Bank of Australia publishes financial aggregates data for March. The Housing Industry Association releases new home sales report for March.

Company News

Australian electricity distributor United Energy Distribution, 66 per cent owned by Duet Group (ASX:DUE), raised US$435 million from a private placement to U.S. bond investors, which will be used to repay debt maturing in 2011. The transaction includes cross currency swaps to convert the funds to A$478 million. The placement comprises US$70 million of four-year unsecured notes and US$365 million of seven-year unsecured notes.

Macquarie Group Limited (ASX:MQG) Friday reported a 21 per cent increase in net profit for the fiscal year 2010. Net profit after tax for the year ended March 31 2010 of A$1.05 billion, up from A$871 million in the 2009 financial year. The investment bank said the result reflects improved market conditions and diversification and global reach of Macquarie's business. The group has capitalised on the global economic downturn to develop opportunities to grow and evolve its business with a number of acquisitions. International income rose 43 per cent to A$3.35 billion and accounted for 52 per cent of total income. For the fiscal year 2011, Macquarie expects improved operating results across all its businesses.

Arrow Energy Limited (ASX:AOE) said it has received approval from the Foreign Investment Review Board (FIRB) regarding the company board recommended Shell/PetroChina joint bid for the entire issued capital of Arrow, following the planned demerger of the international business and selected domestic assets. Under the proposed Demerger and Acquisition schemes, Arrow shareholders will be entitled to A$4.7 cash and a share in the demerged entity Dart Energy for each Arrow share they hold.

Woolworths Limited (ASX:WOW) today reported third quarter sales of A$12.9 billion, up 4.7 per cent including petrol sales compared to the corresponding period a year earlier. Its supermarket division sales increased 4.6 per cent to A$11.19 billion while inflation during the quarter was zero. Woolworths revised sales growth guidance for the current financial year as it expects the second half to continue be impacted by low price inflation and the cycling of the government stimulus package. It now expects to be between 3 per cent and 6 per cent. The company reaffirmed full year guidance that the net profit after tax will grow in the range of 8 per cent to 11 per cent.

Contact

Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net