PRESS DIGEST-Australian Business News - Feb 29
Property group City Pacific (CIY.AX: Quote, Profile, Research) said yesterday that
there was no threat to A$1.1 billion in loans its First
Mortgage Fund had extended to property developments. “We’ve
never had issues with loans being repaid,’ said managing
director Phil Sullivan. He also dismissed concern over a
Victorian Government termination notice to City Pacific’s
Martha Cove development on the Mornington Peninsula. He said
the land tax problem had been resolved when City Pacific
immediately made the required payment. Page 21.
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Banking and insurance group Suncorp (SUN.AX: Quote, Profile, Research) said storms in
New South Wales and Queensland last year dragged earnings down
substantially. The company yesterday reported a 27 percent drop
in half-year profits to A$383 million. Suncorp’s insurance
division, which was hit with A$280 million worth of
disaster-related claims, posted a 55 percent plunge in profit
to A$172 million. Chief executive John Mulcahy, who oversaw
Suncorp’s A$7.9 billion acquisition of former rival Promina
last year, said the past six months had been “most
challenging.’ Page 21.
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Building products group James Hardie Industries (JHX.AX: Quote, Profile, Research)
has posted a $US17.1 million (A$18.2 million) profit for the
three months to December 31, compared with a A$US8 million loss
in the same period a year earlier. The result included a
US$32.4 million write-down from the closure of a North American
plant. “I think it’s a good result in a very difficult market,’
said chief executive Louis Gries. However, he forecast further
declines in the troubled United States housing sector and
warned this could affect full-year profits. Page 20.
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Cinema and theme-park group Village Roadshow (VRL.AX: Quote, Profile, Research) was
confident of continuing to deliver sound investor returns after
posting a 27 percent jump in first-half profit to A$45.3
million yesterday. Chief operating officer Peter Foo said hit
films such as The Simpsons Movie and Hairspray contributed to
earnings, while the theme parks division did reasonably well
considering adverse weather conditions. He said the company
would next week detail its plans for its most recent
acquisition, Sydney Attractions Group (SAQ.AX: Quote, Profile, Research). Page 23.
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Tags: business, insurance, Parks
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