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Earnings season wrap-up: 5 February

Nicholas Grove  |  05 Feb 2013Text size  Decrease  Increase  |  

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Nicholas Grove is a Morningstar journalist.


Companies covered in this report:

• Transurban (TCL)

• Macquarie Group (MQG)

• Cochlear (COH)


Transurban's 1H profit down, confirms FY dividend guidance

Toll-road operator Transurban Group (TCL) on Tuesday announced a 16 per cent fall in profit from ordinary activities to $81.1 million for the half year ended 31 December 2012.

Proportional toll revenue was $491.8 million, a rise of 3.8 per cent on the prior corresponding period, the company said.

Proportional EBITDA (earnings before interest, tax, depreciation and amortisation) for the period rose 6.9 per cent to $416.9 million.

Morningstar senior infrastructure and property analyst Adrian Atkins said the company's proportional EBITDA is tracking broadly in line with his expectations.

Free cash rose 4.6 per cent for the half year to $192.8 million, which supports the 15.5-cent distribution per stapled security for the period, Transurban said.

The distribution will be paid on 14 February 2013. This will be made up of a 12-cent distribution from Transurban Holding Trust and a 3.5-cent fully franked dividend from Transurban Holdings Limited.

Transurban also confirmed distribution guidance for the 2013 financial year of 31 cents per stapled security.

In a statement, Transurban CEO Scott Charlton said the company has a strong portfolio of assets that continues to deliver growth in free cash for security holders.

"We have made good progress on key development projects during the period and are now focused on completing the Hills M2 upgrade so that we can see the full benefit of that project flow through all of our northern Sydney assets," he said.

"Our strategic network positions in our markets are integral to the cities they serve and significantly contribute to the economies of those markets.

"As governments and communities look for answers to growing issues in transport networks, we are well-positioned to play a leading role in the development of unique transport solutions and unlock further value in our networks."


Macquarie Group provides "disappointing" guidance

Macquarie Group (MQG) expects a 10 per cent year-on-year rise in net profit for its fiscal year ended 31 March 2013, the investment bank said at a quarterly operational update on Tuesday.

"Whilst market conditions remain uncertain, we currently expect Macquarie's result for fiscal 2013 to be up approximately 10 per cent on fiscal 2012, with the probability of a stronger result should improved market conditions persist," Macquarie CEO Nicholas Moore said.