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Energy Resources of Australia Ltd (ASX:ERA) reported net profit after tax and underlying earnings for the half year ended 30 June 2009 was a record A$127.6 million compared with a net profit after tax of A$38.9 million for the same period in 2008. ERA said its full year production is expected to be in line with normal levels, consistent with the guidance provided in January 2009.
Energy Resources of Australia Ltd (ASX:ERA) reported net profit after tax and underlying earnings for the half year ended 30 June 2009 was a record A$127.6 million compared with a net profit after tax of A$38.9 million for the same period in 2008. ERA said its full year production is expected to be in line with normal levels, consistent with the guidance provided in January 2009.
Sydney, July 31, 2009 AEST (ABN Newswire) - US stocks broadly surged on Thursday fueled by the better-than-expected earnings reports. The market's rally pushed the major indexes to their highest closes of the year.

Australian market posted solid gains yesterday led by banks. At the close, the benchmark S&P/ASX200 index rose 47.6 points, or 1.2 per cent, at 4190.4, while the broader All Ordinaries index added 47 points, or 1.1 per cent, to 4195.9.

Key Economic Facts and Figures

Australia's building approvals showed a rebound in June. The Australian Bureau of Statistics said the total number of houses and apartments approved for construction rose a seasonally adjusted 9.3 per cent in June from May. Economists said that the rebound was a sign that economic stimulus measures were working, but growth in approvals still lagged the pace required to ease emergent concerns about a return to housing bubble woes.

The TD Securities-Melbourne Institute releases Inflation Gauge for July, while the Reserve Bank of Australia is to unveil financial aggregates data for June.

M&A News

Royal Bank of Scotland (LON:RBS) will announce the sale of its Taiwan banking assets including investment banking operation to ANZ (ASX:ANZ) as early as next week, said sources. The price of the acquisition was not disclosed. ANZ spokesman Paul Edwards declined to comment on the Taiwan sale but said discussions with RBS are progressing well.

Ramelius Resources (ASX:RMS) launched a surprise A$92 million bid for Dioro Exploration (ASX:DIO) last night, after Dioro's board capitulated to Avoca's (ASX:AVO) sweetened offer. It plans to offer Dioro shareholders two Ramelius shares for every Dioro share held. Avoca Sources suggested that Avoca would use its 21.6 per cent stake to try to block the deal.

Elders (ASX:ELD) has signed a Heads of Agreement with global insurer QBE (ASX:QBE) about the sale of Elders' insurance business and a placement to QBE of 112.5 million shares at 40c per share. QBE will pay A$315 million to Elders as part of a wider restructuring and refinancing of the operations of the rural service group. QBE plans to acquire the whole of Elders' insurance underwriting business and 75 per cent of its agency operation.

Important Corporate News

Fast food business Domino's Pizza Enterprises Ltd (ASX:DMP) has forecast its full year results to grow up to 30 per cent after strong sales. Domino's expects net profit for 2008/09 to be around A$15.4 million. The company said the rise comes after strong network sales performance, foreign exchange gains and better than expected tax outcomes.

The regional pay television provider Austar United Communications Ltd (ASX:AUN) has seen its operating earnings rise 13 per cent in the first half. The company posted a net profit of A$35.5 million after the it increased subscriber numbers. Austar reaffirmed its guidance of 10 to 15 per cent growth in earnings before interest, tax, depreciation and amortisation (EBITDA) in fiscal year 2009.

Energy Resources of Australia Ltd (ASX:ERA) reported net profit after tax and underlying earnings for the half year ended 30 June 2009 was a record A$127.6 million compared with a net profit after tax of A$38.9 million for the same period in 2008. ERA said its full year production is expected to be in line with normal levels, consistent with the guidance provided in January 2009.

GPT Group (ASX:GPT) today announced an important milestone in its strategy to exit non-core investments and focus on the high quality domestic property portfolio. GPT will exit the European component of its joint venture with Babcock & Brown by way of a dividend in specie of shares in BGP Holdings. GPT expects to record valuation reductions for the first half 2009 of approximately A$560 million across its core Australian real estate holdings, and about A$230 million across non-core assets.

Contact

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


Related Companies

Royal Bank of Scotland Group plc        
Ramelius Resources Limited       
QBE Insurance Group Limited        
GPT Group        
Energy Resources Of Australia Limited       
Elders Limited        
Domino's Pizza Enterprises Ltd.       
Dioro Exploration Nl       
Avoca Resources Limited       
Australia and New Zealand Banking Corporation        
Austar United Communications Limited        

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