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Australian Power and Gas Company Ltd (ASX:APK) will accelerate plans to expand into NSW and Queensland after posting its first profit. It posted a net profit of A$1.05 million in its preliminary results for the six months to December 31.
Australian Power and Gas Company Ltd (ASX:APK) will accelerate plans to expand into NSW and Queensland after posting its first profit. It posted a net profit of A$1.05 million in its preliminary results for the six months to December 31.
Sydney, Feb 1, 2010 AEST (ABN Newswire) - The last trading day of January ended with a sharp loss on Friday. Australian shares plunged more than 2 per cent while the market was clouded with negative sentiment. At the close, the benchmark S&P/ASX200 index was down 103.7 points, or 2.2 per cent, to 4569.6, while the broader All Ordinaries index fell 100.8 points, or 2.1 per cent, to 4596.9. For the month, a 6.2 per cent, or A$85 billion in value, was wiped off from the market.

Key Economic Facts and Figures

The Reserve Bank of Australia said total credit provided to the private sector by lenders rose by 0.3 per cent in December, the most since January 2009, following a 0.1 per cent increase in November. Over the year to December, total credit rose by 1.5 per cent, the RBA said, driven largely by housing credit which rose by 0.7 per cent in December, rising 8.2 per cent over the year, seasonally adjusted.

Australian Industry Group Monday releases performance of manufacturing index for January. TD Securities/Melbourne Institute releases inflation gauge for January. Housing Industry Association will unveil new home sales data of December. Reserve Bank of Australia's index of commodity prices is also due.

M&A News

Australia's largest exporter of dairy products, Murray Goulburn, said Friday its takeover bid for all shares in Warrnambool Cheese and Butter (ASX:WCB) was rejected. Murray Goulburn, which is contemplating its next steps, said it is confident that a merger with Warrnambool is a very positive step for Murray Goulburn supplier-shareholders.

Macarthur Coal Ltd. (ASX:MCC) said it was no longer negotiating to buy a majority stake in Donaldson Coal Holdings Ltd. as part of its A$888 million takeover of Noble Group's (ASX:N21) assets. Macarthur Coal launched a friendly bid in December to buy Noble's 87.7 percent stake in Gloucester Coal Ltd (ASX:GCL). But Macarthur will acquire Noble's stake in the Middlemount project in Queensland to give it full ownership of the operation and drive its goal to double production in the next five years.

Important Corporate News

BHP Billiton (ASX:BHP) has approved a US$1.93 billion expansion of its Western Australian iron ore business, to lift production capacity to 240 million tonnes per annum in 2013. The company said the investment represented early spending in its Rapid Growth Project 6 (RGP6).

Energy Resources of Australia (ASX:ERA) said net profit after tax for the year ended 31 December 2009 was a record A$272.6 million, compared to A$222 million in 2008. Earnings before interest and tax (EBIT) were A$374.8 million, up from A$318 million. The company also forecast 2010 production, sales and average realised sale prices to be "broadly similar" to those of 2009.

Colorpak's (AQSX:CPK) produced revenues from sale of goods and services of A$42.6 million in the December half, 5.6 per cent up on the corresponding prior comparable period of A$40.3 million. Net profit after tax for the six months increased from A$3.3 million to A$3.7 million which is its highest six monthly profit.

Australian Power and Gas Company Ltd (ASX:APK) will accelerate plans to expand into NSW and Queensland after posting its first profit. It posted a net profit of A$1.05 million in its preliminary results for the six months to December 31. This compared with a loss of A$5.6 million in the previous corresponding period. The company reaffirmed its previous forecasts of a full year profit of between A$2 million and A$2.4 million.

Contact

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


Related Companies

Warrnambool Cheese & Butter Factory Co.hold.ltd       
Noble Group Limited          
Macarthur Coal Limited         
Gloucester Coal Ltd        
Energy Resources Of Australia Limited       
Colorpak Limited       
BHP Billiton Limited          
Australian Power And Gas Company Limited       

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