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An excellent year for winemaker

AUSTRALIA’S eight largest wine producer Evans & Tate has reported a record year, surpassing its forecasts of both revenue and after-tax profit.

The company recorded an operating profit after tax of $4.48 million for 2002-03, up 51.5 per cent on last year’s result.

That profit was recorded on the back of total revenue of $63.14 million – up 109.1 per cent on the previous year.

The company sold a record $55.3 million of wine in Australasia, $5.5 million in Europe and $2.4 million in the US.

It will be paying a fully franked 2 cent dividend to shareholders on October 15.

Listed engineer Clough Limited has reported a net loss of $9.5 million for 2002-03, a significant turnaround from its $30 million profit for 2001-02.

Operating profit before tax was $8 million, down from $42.2 million last year and cash at hand was $114 million, down from $124 million.

Tax was again disproportionately high at $15.7 million, mostly due to withholding tax on some overseas projects coupled with an inability, under Australian regulations, to obtain tax credits for project losses incurred in some other countries.

Clough managing director David Singleton described 2003-04 as a rebuilding year for the group.

"Our core focus will be three-fold – instilling a performance-based culture, achieving sustainable growth and developing and capitalising on the group’s people capabilities," he said.

Homeloans Ltd has announced an after tax and amortisation and write off of good will loss of $20.2 million.

Without the good will adjustment the company would have reported a $4.4 million after tax profit. That was down from $6.8 million in the 2001-02 year.

The company has elected to make a one off non-cash write down to the carrying value of goodwill in the statement of financial position of $22.5 million which together with the annual amortisation of goodwill of a further $2.1 million led to the loss.

Technology company QPSX reported an after tax loss of $1.7 million.

That is an increase in loss of 108.1 per cent on 2001-02.

Revenue fell 48.8 per cent to $419,802.

Concept Systems International has reported a loss of $1.8 million.

However, the company reports that the loss figure was a marked improvement on its 2001-02 after tax loss of $8.7 million.

Irrigation company Hugall & Hoile has reported a net profit before tax of $1.07 million.

The company expects income tax relating to the profit to be fully offset by losses carried forward from previous periods.

It has announced a fully franked dividend of 0.25 cents a share.

FTR Holdings has reported a consolidated net profit of $625,742 for 2002-03.

It has declared a 1 cent a share fully franked dividend to be paid on October 17.

Solar Energy Systems has cut its loss by 44 per cent to $850,414.

Its revenue rose 41 per cent to $2.6 million.

The Australian Development Capital Fund reported an after tax profit of $210,799.

St Barbara Mines has announced a net loss after tax of $32.7 million, after charging $9.9 million to a change in accounting policy and non-cash charges of $18.4 million.

Brandrill has reported a $31 million loss for 2002-03, an improvement on its $54.8 million 2001-02 loss.

The company had announced it expected a $20 million loss in August but subsequent audit results have increased the loss.

Gindalbie Gold has incurred an after tax net loss of $2.66 million, a fall from its previous year’s net after tax profit of $5.9 million.

The company blames the result on non-cash charges and a $750,000 operational loss at its Silverston South orebody.

Anaconda Nickel has reported a net profit of $500.2 million, largely due to the forgiveness and restructuring of debt and a recapitalisation process.

Amcom Telecommunications reported a $12.4 million loss.

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