4:30 PM Sydney – Trading volume on Australian exchanges recovered near the high for the year after earnings reports from Fortescue Metals, Origin Energy, Seven West Media, Tatts Group and Toll Holdings. Fortescue reported a sharp jump in sales and earnings.
Australian stocks trimmed losses in the afternoon trading and investors digested earnings reports from Fortescue Metals, Seven West Media, Tatts Group and Toll Holdings.
Australian dollar declined to 89.32 U.S. cents and in stock trading turnover soared to 1 billion shares worth $5.72 billion.
The ASX 200 index fell 24.30 or 0.5% to close at 5,075.70 and the broader All Ordinaries slid 23.60 to 5,066.70.
Stocks in Review
Rio Tinto declined 56 cents to $59.04 and BHP dropped 37 cents to $35.37.
Woodside Petroleum Limited slipped 38 cents to $37.72.
Westpac slumped 29 cents to $31 and in a statement to securities exchange said it has issued 9,252,850 notes at an issue price of $100 per share to raise $925 million. The note was priced at 4.9% yield for the first interest period from August 22.
National Australia Bank jumped 57 cents to $32.14.
Atlas Iron Limited
plummeted 10.2% to 83.5 cents after the iron ore producer said net loss in the year widened to $242 million on weak iron ore prices and asset write downs.
Fortescue Metals Group Limited
climbed 4.2% to $4.26 after the iron ore producer reported revenue in the year ending in June surged 21% to $8.12 billion from $6.72 billion a year earlier. Net profit for the year jumped 12% to $1.75 billion compared to $1.56 billion and diluted earnings per share increased to 56.05 cents from 50.06 cents.
Origin Energy Limited
surged 5.8% to $12.98 and the oil and gas retailer said net profit in the year tumbled 60% to $378 million from $980 million last year and underlying profit declined 15% to $760 million from the previous year.
Seven West Media Limited
soared 5.6% to $2.45 after the television and print media reported revenue in the year ending in June slid 3.6% to $1.86 billion from $1.93 billion in the last year. In the year, net swung to a loss $69.7 million compared to net profit of $226 million in the prior year.
The media company dragged to a loss of $308.37 million for impairment of intangible assets that includes $220.7 million of Pacific Magazines'' mastheads and $60.2 million linked to investment in Yahoo7.
Toll Holdings Limited
gained 13% to $5.36 after the mining and resource company stated revenues in the year ending in June were nearly flat at $8.72 billion. Net profit for the year edged up to $91.7 million compared to $70.9 million a year ago.
Tatts Group Limited
increased 1.3% to $3.21 after the gambling company said revenue in the year dropped 20.1% to $3.11 billion from $3.90 billion a year ago. Net profit for the year plunged 22.5% to $247.3 million compared to $319.1 million and diluted earnings per share jumped 16.4 cents from 12 cents a year earlier
The gaming company said net profit dropped mainly due to exit from its Victorian poker machine operations.