Earnings season ramped up on Monday with a large number of releases from companies including Bendigo and Adelaide Bank Ltd (ASX: BEN) and JB Hi-Fi Limited (ASX: JBH).
Three results that might have slipped under your radar are summarised below. Here's what they reported:
Australian Finance Group Ltd (ASX: AFG)
The Australian Finance Group share price surged higher on Monday after releasing its unaudited full year results. According to the release, the company expects to report revenue of $642.8 million and underlying net profit after tax of $28.6 million later this month. This will be a 3.8% and 1.8% increase, respectively, on FY 2018's result.
Charter Hall Long WALE REIT (ASX: CLW)
This property fund reported operating earnings of $70.8 million or 26.9 cents per unit in FY 2019, up 2% in the prior corresponding period. The company elected to pay out all its operating earnings to shareholders, meaning a 2% year on year increase in its distribution to 26.9 cents per unit. The Charter Hall Long WALE REIT finished the period with net tangible assets of $4.09 per unit, which was an increase of 1% on FY 2018. Another positive was that the fund finished the period with a weighted average lease expiry of 12.5 years, which was an increase of 16% on FY 2018. Barring any unforeseen events or material changes to market conditions, it expects operating earnings per share growth of 4% to 28 cents per unit in FY 2020.
Cooper Energy Ltd (ASX: COE)
This energy producer reported a statutory net loss after tax of $12.1 million after incurring significant items of $25.4 million in FY 2019. Things were much better on an underlying basis, with profit after tax rising 36% year on year to $13.3 million. Cooper Energy's managing director, David Maxwell, appeared optimistic on the company's prospects in FY 2020. He said: "The improved financial results for the second half align with commencement of new gas contracts on 1 January 2019. This process is ongoing, with the new contracts negotiated in 2019 expected to benefit the FY20 financial result."
