NAB (ASX:NAB), OFX (ASX:OFX) and Maas (ASX:MGH) either made or expect to make solid earnings (Image via Getty)
Reporting Season Round Up: COVID-19 takes it toll in some sectors but NAB, OFX and Maas report solid earnings
News
share
Companies utilising September 30 as their end of financial year are gradually releasing results to the market led by major bank NAB (ASX:NAB).
Good performers
NAB reported a $6.36 billion net profit and declared a 67 cent per share final dividend taking the full year payment to $1.27 a share – double that of the previous year.
Similarly to its peers, it reported a strong performance in business banking and home lending thanks to record low interest rates — although its institutional banking division performed weaker.
Still with the financials industry, and forex provider OFX (ASX:OFX) reported its half yearly results.
Its turnover was $15 billion, up 34% on the prior corresponding period and its earnings came in at $20.3 million, up 88% on the prior corresponding period.
Unlike NAB it is undertaking a shareholder buy back program. OFX has already spent $2.65m buying back its own stock and says the program is ongoing.
Elsewhere, construction materials company MAAS (ASX:MGH) issued earnings guidance for FY22.
The company expects earnings to be between $115 million and $125 million which would be well up on the FY21 result of $75.9 million.
The company credited the settlement profile of residential properties, commercial property milestones and increased quarry sales, although warned the result would be strongly second half weighted.
Maas listed late last year at $2.40 per share and is nearly double its IPO price.
Maas (ASX:MGH), OFX (ASX:OFX) and NAB (ASX:NAB) share price chart
Laggards
On the flip side Kathmandu (ASX:KMD), a retailer which sells clothing and equipment for “the great outdoors”, was hit by lockdowns in Australia and New Zealand.
It told shareholders it expects an operating profit to be ~$35 million below last year.
Nonetheless it said it was prepared for the upcoming shopping period and predicted trading would improve in the second half of FY22.
Landlord Scentre Group (ASX:SCG) also took a hit – albeit to a lesser degree. While COVID-free states cushioned the blow, total portfolio sales were down 33.9% in the September quarter.
But in the 10 months to 31 October 2021 it collected $1.8 billion in gross rent, and reported that customers were rushing back to stores since restrictions eased.
Rounding out today’s list was Gale Pacific (ASX:GAP) – a company with various businesses including shade solutions and commercial fabrics such as grain covering tarpaulins and sun-shades for playgrounds.
GAP produced a range for its half year result forecasts — from a $500,000 profit to a $1.5m loss.
It blamed input cost inflation in logistics and distribution, which it said it had anticipated but not to the extent to which those factors had actually hit.
