Kerry Stokes has issued a reminder to Seven West Media shareholders that he will remain “close” to the media company, as he prepares to step down as chair.
Kerry Stokes' private company Australian Capital Equity reported a 70 per cent year-on-year drop in annual profit last year, as the value of its asset book closes in on $3 billion.
Seven West Media and Southern Cross Media have shaken hands on a merger under which Kerry Stokes would step down as chairman of the board by early next year.
Ryan Stokes-led diversified business SGH recorded a 5 per cent post-tax statutory net profit increase to $486 million last financial year, led by upticks at concrete maker Boral and Westrac.
Seven West Media recorded a 62 per cent drop in statutory net profit last financial year to under $17 million, a result generated off group revenue of $1.35 billion.
Outgoing Boral chief executive and managing director Vik Bansal has added another director role to his portfolio, joining Soul Patts' board from August 15.
Kerry Stokes' SGH generated a $508 million net profit in the first six months of the financial year driven by its industrial division, but major challenges persisted in its flagship media business.
Seven Group boss Ryan Stokes has signalled his support for the group's struggling media business and has described Australia as the best place for the company to invest.
Ryan Stokes-led Seven Group Holdings has sought a name change to better reflect its operations, with the vote to be cast at the next annual general meeting.
Mark Beyer and Jack McGinn discuss the major findings from the domestic gas inquiry; Collgar's wind farm plan; Western Power's nuclear stance; Pilbara energy enablers; Perdaman's Karratha plan; the price of iron ore; Nicheliving's woes and Sanur's Subi battle; Vern Wheatley's legacy, and preview the upcoming edition of the Business News magazine.
Stokes-led Seven Group Holdings has posted a 10 per cent increase in revenue for 2024 financial year, buoyed largely by strong growth from its industrial services businesses.
Adelaide-based Perth Basin gas play Beach Energy will slash its workforce by 30 per cent, following a strategic review into its operations in the east and west coast gas markets.
Seven Group Holdings has launched a vigorous attack on advisory firm Grant Samuel, whose report was used by Boral's independent directors to oppose Seven's takeover offer.
The strong performance of Seven Group Holdings' industrial segment outweighed a substantial fall in media business earnings and asset write-downs at Beach Energy in the first half of FY24.
WA's opportunity to capitalise on the United States' massive Inflation Reduction Act will hinge largely on its ability to keep pace with demand, according to BHP's iron ore boss.
Our weekly appointments wrap includes Richard McLeod, Debra Sayce, Wayne Bull, Mark Barnaba, John Gelavis, Brad Royce, Fiona Wood, Don Pyke, Ronni Kahn and James Goth.
Seven West Media chair Kerry Stokes has confirmed plans to extend his tenure beyond 15 years ahead of the company's annual general meeting in November.
Seven Group chair Ryan Stokes has sought to ease tensions with Andrew Forrest after revelations the Fortescue Metals Group chair took a swipe at the Stokes empire over a trucking deal.
Andrew Forrest has told Fortescue staff that a decision to pick German giant Liebherr over WesTrac for a major contract has caused a rift with billionaire Kerry Stokes' empire.
A state government development board has given Kerry Stokes-backed developer Flagship the green light to build a 27-storey tower, valued at $180 million, in the CBD.
Resources billionaire Gina Rinehart has been named Australia's wealthiest person for a third consecutive year, followed closely by fellow Western Australian and iron ore magnate Andrew Forrest.
