ASX 200 reporting season
What do Beach Energy's losses mean for its future strategy?
Argo Investments and ResMed exceed expectations, while Beach Energy faces impairments, highlighting the varied impacts of market conditions and strategic adjustments on top Australian companies.
(AI video summary)
This video was created on 4 August for IG audiences by ausbiz.
Key financial results
Beach Energy (ASX:BPT)
Beach Energy reported a net loss of $43.8 million for the year ending 30 June, primarily due to a $474 million non-cash impairment from commodity prices affecting its operations in Western Australia and Victoria. Excluding one-time items, net profit rose 32% to $450.5 million. Sales increased 13% to $2 billion, and production climbed 9%. Beach Energy doubled its final dividend to $0.06 per share.
Argo Investments (ASX:ARG)
Argo Investments reported a net profit of $259.8 million, up from $253 million last year. Revenue increased to $285.8 million, with a 13.3% portfolio return. Argo raised its annual dividend to $0.37 per share, a 7% rise, while earnings per share (EPS) grew to $0.34 cents. Despite geopolitical risks, Argo remains optimistic about its performance and franking balance.
ResMed (ASX:RMD)
ResMed beat fourth-quarter (Q4) forecasts, driven by demand for sleep apnoea devices. The company reported a net profit of US$1.4 billion, a 37% increase, and revenue growth of 10% to US$5.1 billion. For the June quarter, net profit rose 30% to US$380 million. Chief Executive Officer (CEO) Mick Farrell expressed confidence in ongoing sales growth despite the rise of weight-loss drugs. ResMed raised its quarterly dividend by 13% to US$0.60 per share and expanded its share buyback scheme to US$150 million per quarter.
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