22/02/2008 - 06:52

Today's Business Headlines

22/02/2008 - 06:52

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Telstra dazzles with 13% rise; Iluka axes dividend, plans $350m issue to fund growth; Clough tips strong year on $1b book; RBA fears food prices rise; Shares take off after $618 Qantas result

Today's Business Headlines


Telstra dazzles with 13% rise
Telstra's profit jumped 13.4 per cent for the second half of last year thanks to stronger than expected sales growth. The Australian

Iluka axes dividend, plans $350m issue to fund growth
Iluka Resources is launching its biggest-ever equity raising to finance a crucial growth strategy that the Perth miner hopes it will enable it to shake its tag as a perennial underperformer. The West

Clough tips strong year on $1b book
Engineering and construction group Clough delivered long-suffering shareholders new hope yesterday by tipping a full year profit of about $68 million, marking the company's first full-year profit in three years and its best result since listing a decade ago. The West

RBA fears food prices rise
The Reserve Bank of Australia is cautiously predicting a better year for Australian farmers but warns global pressures on food prices may continue to fuel inflation, even if the drought breaks. The Fin Review

Shares take off after $618 Qantas result
Qantas shares jumped 10c yesterday after the airline beat analysts' expectations to more than double its first-half net profit and post a solid $617.6 million result. The Australian

 

THE WEST AUSTRALIAN
Business: Iluka Resources is launching its biggest-ever equity raising to finance a crucial growth strategy that the Perth miner hopes it will enable it to shake its tag as a perennial underperformer.

Only three months after signing up aluminium giant Norsk Hydro to fund its bauxite search in the Kimberley, Perth explorer United Minerals has turned its eye to iron ore and claims to have unearthed a high-grade 100 million tonne orebody next door to BHP Billiton's Pilbara operations.

Babcock & Brown chief executive Phil Green distanced himself from this year's corporate disaster stories when the company yesterday posted a 58 per cent increase in interim net profit to $407 million.

Engineering and construction group Clough delivered long-suffering shareholders new hope yesterday by tipping a full year profit of about $68 million, marking the company's first full-year profit in three years and its best result since listing a decade ago.

Qantas says it is well cushioned against any US-led economic slowdown after first half profits more than doubled to $617.6 million from a year earlier.


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