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Market Update

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


Author: Marcus Jacob
ticker.com
Last Update: 9:01 AM ET August 27 2014

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.

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.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc