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Article: Hope springs eternal after season of write-downs.
- Article from:
- Australasian Business Intelligence
- Article date:
- September 2, 2008
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Byline: Don Stammer
Sep 02, 2008 (The Australian - ABIX via COMTEX) -- Asset write-downs and uneven results were a prominent feature of the corporate reporting season in Australia. Strong results were produced by BHP Billiton, Leighton, BlueScope Steel, Coca-Cola Amatil, JB Hi-Fi and WorleyParsons. Less impressive results were mostly associated with asset write-downs rather than declining operating profit. Foster's reported an 80% decline in profit after writing $A735m off the value of its wine business, while Insurance Australia Group reported a $A261m net loss after $A400m in write-downs. It is likely that corporate profits and share prices will improve ...