Fletcher posts big
gains
30.08.2000 - By STAFF REPORTERS and
AGENCIES
Fletcher Challenge Group made a full-year net profit of
$382 million in the year to June 30, compared with the $101
million it reported for the previous year.
The preliminary numbers were posted on the Australian Stock
Exchange website last night, at 8.15 local time.
The company was scheduled to release the result through the
New Zealand Stock Exchange at 9 am today.
Fletcher spokeswoman Ginny Radford said last night that the
numbers were unofficial and had to be confirmed by the
Fletcher Challenge board.
The board was due to meet at 7 am today, before a briefing
for the media and analysts, she said.
According to the Australian Stock Exchange website, all
three letter stocks showed strong gains on last year.
Energy posted a net profit of $261 million, ahead of market
expectations of $230 million, and compared with $55 million
previously.
This result was after a net gain from "total unusual items"
of $99 million, which included gains related to affiliate
sales, partly offset by a fund writeoff. Sales rose to $1.56
billion from $1.17 billion in 1999.
Forests reported an $81 million bottom line, compared with
$55 million in 1999, including a net gain from "total unusual
items" of $58 million, mainly due to a tax ruling partly
offset by a partnership writedown. Its sales for the year rose
to $578 million, which was up from $508 million in 1999.
Building made $63 million, compared with $23 million -
market expectations were $95 million. Building's sales were
$2.35 billion, against $2.65 billion a year earlier. The
profit was after a loss from "total unusual items" of $43
million, due to a fund writeoff and problems in the company's
Fijian operations.
In the clearest statement yet that the sales process is
close to completion, the company detailed final dividends for
Energy and Building "unless the separation process results in
a third-party sale recommendation."
Energy intends paying a 10c dividend and Building 8c, to
those registered as shareholders on September 29. Fletcher
Forests does not intend paying a dividend. - Staff reporters
& wire services
See IRG research reports
