Oz Minerals, owner of the Prominent Hill mine in SA’s north, has improved its performance but still recorded a $7.4 million half-year loss for 2014, after a $268 million loss last year.
The copper and gold miner has also maintained its interim unfranked dividend of 10 cents a share for the six months to June 30.
OZ Minerals chief executive Terry Burgess said a strong half year of operations, particularly from its Malu open pit in South Australia, had driven higher revenue and lower operating costs.
The company maintained its recently raised guidance for the year of 85,000 to 90,000 tonnes, due to the increased production and accelerated access to higher-grade ore achieved in the first half.
Oz Minerals said its crucial pre-feasibility study summary for its Carrapateena project would be released in the coming weeks.
Carrapateena is Australia’s largest undeveloped copper resource but Oz Minerals has failed to find a partner to help fund the $3 billion project.
The company’s only existing mine, Prominent Hill, is due to come to the end of its life in about a decade.
In other full year financial results posted today, breads and spreads maker Goodman Fielder sunk into the red with a full-year loss of $405.1 million and says trading remains difficult.
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The company, whose brands include Meadow Lea and Vogel’s bread, says it faces stiff competition from rivals in terms of volumes and pricing.
It says it is trying to arrest its earnings decline in its grocery business, particularly in spreads and edible oils, while trying to improve bakery manufacturing and to cut costs.
“While the company expects FY15 to be another difficult year, it continues to refine its strategy and re-align the cost base to deal with these challenges to build its competitive position,” Goodman said in a statement today.
Goodman’s loss for 2013/14 compared to a $102.5 million profit for the previous year.
Blood products and vaccine giant CSL has lifted its full-year net profit by 7.8 per cent to $US1.31 billion ($A1.42 billion).
Increased sales helped drive the result with its revenue up 7.7 per cent to $US5.3 billion for the 2013/14 fiscal year.
The final dividend was increased to 60 US cents a share, unfranked, from 52 US cents in 2013, also unfranked.
The result included a one-off US anti-trust class action litigation settlement that cost the company $US64 million.
CSL’s Behring blood plasma products division increased sales by 10 per cent to $US4.9 billion.
CSL chief executive Paul Perreault said he saw robust global demand for plasma therapies while the turnaround in bioCSL had progressed although considerable work remained.
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Insurance and finance group Suncorp lifted its full-year profit almost 49 per cent following an improved performance from its banking division and gains from its general insurance business.
The company made a net profit of $730 million for the year to June 30, up from $491 million a year ago.
Suncorp said it would target growth of between four and six per cent for 2014/15, along with a return on equity of at least 10 per cent.
In response to the improved performance, Suncorp lifted its fully-franked final dividend by 10 cents to 40 cents per share and announced a special dividend of 30 cents per share, up from 20 cents a year ago.
Chairman Dr Ziggy Switkowski said the bank had enough capital on hand to justify the increased dividends.
Medical centres operator Primary Health Care is confident of lifting its earnings this financial year, and says a federal government plan for Medicare co-payments could create more business opportunities.
Primary Health’s full-year profit rose eight per cent to $162.5 million in 2013/14, and the group expects underlying earnings to rise between five and 12 per cent this financial year.
Primary says the possible introduction of a co-payment for some patients when they visit their doctor could impact some smaller GP practices across Australia, potentially creating opportunities for the company.
“It is not possible to predict with certainty whether a co-payment will be introduced and, if so, the consequences, but the greater efficiency of large-scale centres such as Primary’s should assist Primary to adapt to any changes,” the company said as it released its earnings results on Wednesday.
“If some form of co-payment system were introduced, that may challenge some small practices and create opportunities for Primary.”
Primary’s profit for the year to June 30 was a solid rise on the $150.1 million in 2012/13.
Revenue rose six per cent to $1.5 billion.
