Earnings season ramped up on Monday with a large number of releases from companies including Bendigo and Adelaide Bank Ltd (ASX: BEN) and JB Hi-Fi Limited (ASX: JBH).
Three results that might have slipped under your radar are summarised below. Here’s what they reported:
Australian Finance Group Ltd (ASX: AFG)
The Australian Finance Group share price surged higher on Monday after releasing its unaudited full year results. According to the release, the company expects to report revenue of $642.8 million and underlying net profit after tax of $28.6 million later this month. This will be a 3.8% and 1.8% increase, respectively, on FY 2018’s result.
Charter Hall Long WALE REIT (ASX: CLW)
This property fund reported operating earnings of $70.8 million or 26.9 cents per unit in FY 2019, up 2% in the prior corresponding period. The company elected to pay out all its operating earnings to shareholders, meaning a 2% year on year increase in its distribution to 26.9 cents per unit. The Charter Hall Long WALE REIT finished the period with net tangible assets of $4.09 per unit, which was an increase of 1% on FY 2018. Another positive was that the fund finished the period with a weighted average lease expiry of 12.5 years, which was an increase of 16% on FY 2018. Barring any unforeseen events or material changes to market conditions, it expects operating earnings per share growth of 4% to 28 cents per unit in FY 2020.
Cooper Energy Ltd (ASX: COE)
This energy producer reported a statutory net loss after tax of $12.1 million after incurring significant items of $25.4 million in FY 2019. Things were much better on an underlying basis, with profit after tax rising 36% year on year to $13.3 million. Cooper Energy’s managing director, David Maxwell, appeared optimistic on the company’s prospects in FY 2020. He said: “The improved financial results for the second half align with commencement of new gas contracts on 1 January 2019. This process is ongoing, with the new contracts negotiated in 2019 expected to benefit the FY20 financial result.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019