Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Tuesday morning.
But first, here are the data points:
Australian Dollar ($A) (AUDUSD): 74 US cents
Dow Jones (DJI): down 0.6%
Oil (WTI): $US70 per barrel
Gold: $US1,221 per ounce
Australian Investing News
Making finance news, investors welcome the first batch of reporting season company results today.
Credit Corp Group Ltd (ASX: CCP), a debt collections company, released its 2018 financial results to the market this morning. In an announcement to the ASX, Credit Corp CEO Thomas Beregi said net profit increased 17% to $64.3 million thanks to better results from its consumer lending and US businesses.
“Both segments have the potential for substantial growth and the US, in particular, could grow to become as large as the Australian/New Zealand debt buying operation in the medium term,” Beregi added.
According to Bloomberg, analysts had been expecting a profit of $63.7 million from Credit Corp in 2018. In 2019, Credit Corp set its profit guidance for between $67 million and $69 million.
In a public filing oil and gas business Senex Energy Ltd (ASX: SXY) released its fourth quarter results for its 2018 financial year. Senex reported full year production of 840,000 of oil equivalent, up 12% on its 2017 result. Senex achieved revenue of $70.3 million.
“The final quarter of the financial year has seen Senex achieve strong results, with increased production from both the Cooper and Surat Basins and higher oil pricing helping to sustain a healthy cash balance,” Senex CEO Ian Davies said.
“With a fully funded and agreed work program in the Cooper Basin western flank, and a clear plan for our Surat Basin development projects, FY19 is set to be a transformational year for Senex.”
Finally, infant formula business Bubs Australia Ltd (ASX: BUB) reported its fourth-quarter results showing gross sales of $8.89 million, up 63% on the previous quarter.
Bubs Australia founder Kristy Carr said the company’s focus on Chinese customers was responsible for the increase in volume and revenue. “During the quarter, we saw a strong growth trend with material uplift in infant formula and overall sales to China delivering our highest quarterly revenues,” Carr noted.
Bubs Australia expects to release its annual report before September 28th.
