Financial Services

Despite forecasting a profit growth in excess of $40 million for the 2008 financial year, Western Australian property developer Port Bouvard Ltd has reported an 88 per cent slump in net profit to $3.2 million.

A number of acquisitions over the 2008 financial year have driven Cash Converters International Ltd's net profit up 31 per cent to a record of over $15 million.

Gage Roads has posted a net loss after tax of $3.62 million for fiscal 2008 compared to $3.07 million in 2007, reflecting increased marketing and personnel expenditure against a background of flat sales growth.

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The managing director of earthmoving and mining equipment supplier Emeco Holdings Ltd has described the company's full-year performance as a "tale of two halves" as it booked a net profit decline of 10 per cent.

The state Labor Party has sought to capitalise on community concern over uranium mining, promising to introduce legislation banning the controversial practice if re-elected next month.

Despite a challenging year for the financial sector, Perth-based Police & Nurses Credit Society has reported a slight fall in group net profit to $19 million for the 2008 financial year.

An increase in marketing and personnel expenditure against a background of flat sales growth has prompted Gage Roads Brewing Co Ltd to post a full year net loss of nearly $4 million.

Shares in agribusiness investment manager Great Southern Ltd jumped briefly higher today after a major restructure proposal to create a company with three business streams.

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Alumina Ltd plans to raise up to $910 million through a pro rata entitlement offer to fund expansion plans for its joint venture projects in Brazil to meet growing global demand.

Economic forecaster BIS Shrapnel has forecast a return to strong economic growth in the medium-term, once the current episode of ‘overdone pessimism’ has receded.

Oil and gas producer Amadeus Energy Ltd's bottom line has been impacted by adjustments to its hedge portfolio, with the company reporting a full year net loss of $1.3 million.

East Perth-based North Australian Diamonds Ltd's plan to raise $6 million could face a hurdle from a major shareholder, which has filed an application to the Supreme Court to prevent the initial allotment.

Welshpool-based engineering company RCR Tomlinson Ltd has reported its fifth consecutive year of record earnings and sales for the 2008 financial year, with net profit rising slightly to nearly $18 million.

Perth-based shipbuilder Austal Ltd was warned of a challenging business environment for fiscal 2009 as it posts a record net profit of $52 million for the 2008 financial year.

Deterioration of market conditions has forced Osborne Park-based Anvil Mining Ltd to lower the price of its share placement to Israeli mining investor Dan Gertler by nearly 20 per cent.

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Redcliffe-based Coventry Group Ltd has posted a full-year net profit of $7 million, up from last year's loss of $1.2 million.

The corporate watchdog is requesting prosecutors consider an appeal following today's 12-month suspended prison sentence handed down to former Westpoint promoter Neil Burnard.

Shares in Golden West Resources Ltd have jumped 30 per cent on an unusual heavy day of trade as Portman Ltd's shareholding grip on the company loosens due to dilution.

Liver cancer treatment company Sirtex Medical Ltd has applied for an injunction against former chairman Bruce Gray to stop him from competing with the firm after he backed down from an earlier commitment.

The state Liberal Party will commit $648 million towards Western Australia's health system if elected and said it will retain the Princess Margaret Hospital as a government run entity.

East Perth-based engineering company Lycopodium Ltd believes the buoyant minerals sector outlook will offset challenging conditions in the biodiesel and manufacturing sectors, as it today announced a 40 per cent increase in full-year net profit.

Perth-based property and land developer Peet Ltd has overcome challenging conditions in the housing market to post another full-year record profit.

The short-term outlook for state energy retailer Synergy appears robust with Standard & Poor's Ratings Services today assigning an A-1+ corporate credit rating.

Takeover target Ausdrill Ltd has posted a 28 per cent increase in its full year net profit on the back of a six per cent increase in revenue to $391 million.

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The Australian Competition and Consumer Commission has been forced to take a tougher stance on accepting undertakings during mergers following examples of businesses acting in bad faith, ACCC chairman Graeme Samuel said today.

Small-medium enterprise investor Greencap Ltd has acquired two businesses in a scrip and cash deal worth $19 million while it plans to raise over $7 million through a share placement.

Civil construction company Brierty Ltd has posted a full-year net loss of $1.3 million after downgrading its profit twice in its first year of listing on the stock market.

Balcatta-based clean energy technology group Orbital Corporation Ltd has confirmed plans to continue to expand in aligned business sectors after today announcing a $500,000 net annual profit.