Australian Indexes Fall on Weak Results from Bradken, Cochlear and Transurban

Marcus Jacob
11 Aug, 2015
New York City

Australian market indexes declined after a string of weak quarterly results. Bradken and Transurban reported annual loss and Cochlear reported largest earnings decline in two years. China devalued its currency by 2% with the aim of supporting manufacturing sector.

[R]5:30 PM Sydney, Australia – Australian market indexes declined after a string of weak quarterly results. Bradken and Transurban reported annual loss and Cochlear reported largest earnings decline in two years. China devalued its currency by 2% with the aim of supporting manufacturing sector.[/R]

Australian stocks were under pressure after Bradken, Cochlear and Transurban reported weak quarterly results and China devalued its currency by 2% to support manufacturing sector.

Australian dollar closed at 73.22 U.S. cents and in stock trading turnover rose to 747 million shares worth $5.5 billion.

At close, the ASX 200 Index slipped 36 or 0.6% to 5,473.20 and the broader All Ordinaries Index decreased 31.80 to 5,473.10.

In commodities trading, gold added US$5 to US$1,102 an ounce and Brent crude slid 0.25 cents to close at US$50.16 a barrel.

Australian Stock Movers

Bradken Limited gained 1.3% to $1.12 after the mining services provider reported sales in the year ending in June declined 15% to $965.9 million from $1.14 billion in a year ago period.

Net in the year swung to a loss of $241.3 million compared to profit of $21.5 million and diluted loss per share swung to a 141.1 cents from diluted earnings per share of 12.4 cents in the same period a year ago.

Cochlear Limited plunged 7.2% to $83.56 after the bionic ear maker said total revenues in the year ending in June climbed 15% to $925.6 million from $804.9 million in a year ago period.

Net profit in the year surged 56% to $145.8 million compared to $93.7 million and diluted earnings per share jumped to 254.8 cents from 164.2 cents in the same period a year ago.

Domino''s Pizza Enterprises Ltd slid 0.2% to $41.07 after the fast food chain reported revenues in the year ending on June 28 jumped 19.3% to $702.4 million from $588.7 million in a year ago period.

Net profit in the year climbed 40% to $64.05 million compared to $42.30 million and diluted earnings per share increased to 72.8 cents from 49.8 cents in the same period a year ago.

Greencross Limited surged 14.4% to $6.84 after the pet care services provider stated sales in the year ending in June soared 75% to $645.02 million from $370.44 million in a year ago period.

Net in the year swung to profit $22.1 million compared to a loss of $126.3 million and diluted earnings per share swung to 17.15 cents from a diluted loss per share of 190.56 cents in the same period a year ago.

Transurban Group slipped 1.3% to $9.99 after the toll road networks operator reported revenues in the year ending in June soared 61.7% to $1.86 billion from $1.15 billion in a year ago period.

Net in the year swung to a loss of $373 million compared to profit of $275 million and diluted loss per share swung to a 9.5 cents from diluted earnings per share of 18.3 cents in the same period a year ago.

WorleyParsons Ltd dropped 2.3% to $8.44 after the engineering construction group said it will take goodwill impairment charge for the year ending in June for about of $200 million but the charge is not going to impact debt covenants.