WHILE junior explorers dominated the 10 best-performing Western Australian stocks last financial year, was there a defining characteristic that bound together the worst performers for the year? A lack of scale would seem to be one possibility, with the 10
NO matter which way you cut it, the 2008-09 financial year was a shocker for investors in local companies, with only 110 of the 730 or so Western Australian-listed companies managing a positive return of any sort.
Heavy equipment sales and rental company, Emeco Holdings has posted a net profit after tax of $13.3 million for the year to June 30, a fall of 14.5 per cent, which included significant one-off impairment and restructuring charges.
Cash Converters has posted a record profit of $16.2 million for the year to June 30, a gain of 6.5 per cent, on the back of healthy revenue growth driven by increased personal loans, financial services commission and corporate store revenue.
Tap Oil has posted a loss of $4.9 million in its half year results to June 30 after the explosion at Varanus Island impacted upon production levels and, in turn, affected sales.
Uranium exploration company, Extract Resources has launched a $91 million capital raising via a non-renounceable rights issue and private placement to institutional investors to accelerate exploration activities at its Rossing South project in Namibia.
The state government has announced that publicly-owned generator Verve Energy and electricity retailer Synergy would not be re-amalgamated, as part of a strategy to secure Western Australia's future energy needs.
Automobile components and building materials manufacturer, Schaffer Corporation has posted a profit of $10.5 million for the year to June 30, down 4 per cent on last year's results against a 13 per cent fall in group revenue.
The peak body for the nation's construction industry believes a dip in constrution work in the June quarter is only the tip of the iceberg, predicting a sharp decline to unfold as the effects of credit crunch and economic downturn begin to show through.
Dramatic drops in key commodity prices, and the effect of the economic downturn, have impacted heavily upon the bottom line of exploration and mining outift, Kagara.
Federal Environment Minister Peter Garrett has cleared the last regulatory hurdle for the $50 billion Gorgon LNG project, leaving its joint venture owners free to make their final investment decision.
Small business hit as states ignore federal pay freeze; 'Budget curb' on crisis chopper; Labor rebuffs business over tougher consumer laws; Location, location, location, is Woolies' hardware quest; Suncorp freezes senior salaries, cuts bonus pool
Reed Resources has raised $6.4 million and will raise a further $4.5 million in a share purchase plan to step up exploration and development activities on three separate projects.
Perth-based property fund manager Aspen Group has secured an investor to underwrite at least $5 million needed to meet loan requirements for its troubled Diversified Property Fund.
The West Australian Meat Marketing Cooperative's (WAMMCO) profits fell dramatically to $1.3 million for the year to June 30 depsite a record turnover, eclipsing the $100 million mark for the first time.
Lithium producer Galaxy Resources has secured a financing agreement with a Chinese private investment company worth up to $156 million enabling the development of two key projects.
Woodside Petroleum chief executive Don Voelte said the company had suggested a range of exit options to its wavering partners in the $30 billion Browse LNG venture to facilitate the timely delivery of the massive project off the Kimberley coast.
Shares in Wesfarmers fell 6 per cent today after Woolworths announced plans to take on the Bunnings business through the takeover of hardware group Danks Holdings.
Resources tax plan row flares; IR culture holding back productivity - Gillard; Conflict resolved - ASX powers shifted to ASIC; Wiluna mine production woes put more pressure on Apex; Galaxy tees up Great to bankroll lithium project
Australia's largest gold producer, Newcrest Mining has awarded Nedlands-based mining software provider, ISS Group a $4 million contract for its Mining Intelligence Layer project, utilising ISS's BabelFish product.
Mining, sampling and laboratory equipment producer, Essa is making further improvements in efficiency and implementing cost reductions in response to posting a net loss of $800,000.
Cazaly Resources has secured engineering firm, Lycopodium to complete the pre-feasability study at the Parker Range Iron Ore Project, located in the Yilgarn district of Western Australia.
For companies operating in the mining and metals sector, costs, consolidation and capital have been identified as the greatest risks, an annual report has found.
Manganese and iron ore miner, OM Holdings' operating profit after tax for the half year ending June 30 has plunged to $10.8 million, down from $96.9 million the previous corresponding period, impacted by sharp falls in global commodity prices.
Newspaper publisher and radio station owner, Fairfax Media and the country's largest radio network, Austereo Group posted big losses FY2009 and both organisation's agree the difficult market conditions are set to continue in the short term.
Skills shortage 'to get worse'; Investors upbeat on Coles, but eye detail; Merger to fast-track mine; ASIC raises alarm over new CFD trade risks; Bad blood to hurt tourism
Perth property developer Cedar Woods has posted a $9.3 million profit, down 55 per cent from last year's $20.6 million, as a result of reduced sales of premium product, the impact of option expiries and impairment adjustments.
An increasing number of Australian organisations are offering paid maternity leave according to research released yesterday by by the Equal Opportunity for Women in the Workplace Agency (EOWA) and Alcoa of Australia.
Gold producer Norton Gold Fields has achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of $36.6 million for the year to June 30, an increase of $11 million on the previous year, driven by higher gold prices and and production.
