Australian Construction Falls 1.2%, Worley Parsons Net Dropped 23%

Marcus Jacob
27 Aug, 2014
New York City

Australian stocks closed higher and June quarter total construction declined 1.2% on a quarterly basis. Telstra Corp and Woodside Petroleum traded ex-dividend. Worley Parsons annual net dropped 23% and engineering contractor announced job cut of 1,700.

[R]5:00 PM Sydney, Australia – Australian stocks closed higher and June quarter total construction declined 1.2% on a quarterly basis. Telstra Corp and Woodside Petroleum traded ex-dividend. Worley Parsons annual net dropped 23% and engineering contractor announced job cut of 1,700.[/R]

Stocks on Wall Street closed higher following the advance in international markets and positive domestic earnings reports.

Market gains were tempered after Woodside Petroleum and Telstra Corp traded ex-dividend and construction report was weaker than expected.

Total construction work declined more than expected in June quarter by 1.2% to $51.93 billion and fell 0.6% from a year ago quarter.

Australian dollar closed at 93.25 U.S. cents and on the stock market turnover jumped to 837 million shares worth $5.44 billion.

ASX 200 index gained 13.60 or 0.2% to 5,651.20 and the broader All Ordinaries increased 14.40 to 5,648.90.

Stocks in Review

Boral Limited surged 4.5% to $5.63 after the building materials producer reported revenue in the year ending in June dropped 1.6% to $5.20 billion from $5.29 billion a year ago period.

Net in the year swung to profit $176.2 million compared to a loss of $205.7 million and diluted earnings per share swung to 13.9 cents from a loss per share of 34.9 cents a year earlier.

Flight Centre Travel Group Ltd slipped 0.9% to $47.02 after the travel company said total revenue in the year ending in June soared 13% to $2.24 billion from $1.98 billion a year ago period.

Net profit in the year plunged 16% to $206.9 million compared to $246.1 million and diluted earnings per share jumped to $2.05 from $2.44 a year earlier.

Lend Lease Group jumped 1.7% to $13.95 property and infrastructure developer reported revenue in the year ending in June jumped 5.9% to $13.94 billion from $13.16 billion a year ago period.

Net profit in the year surged 49.7% to $823.3 million compared to $549.9 million and diluted earnings per share increased to $1.30 from 93.7 cents a year earlier.

Seven West Media Ltd dropped 1.7% or $1.99 after the broadcasting and publishing company said revenue in the year ending in June fell 1.6% to $1.84 billion from $1.87 billion a year ago period.

Net in the year swung to profit $149.2 million compared to a loss of $69.8 million and diluted earnings per share swung to 12.7 cents from a loss per share of 6.1 cents a year earlier.

Worleyparsons Limited climbed 4.1% to $17.88 after the engineering company reported revenue in the year ending in June soared 8.5% to $9.58 billion from $8.83 billion a year ago period.

Profit in the year plunged 22.7% to $249.1 million compared to $322.1 million and diluted earnings per share dropped to $1 from $1.30 a year earlier.