With a range of blue chips such as Ramsay Health Care Limited (ASX: RHC) and Crown Resorts Ltd (ASX: CWN) all reporting their results yesterday, it's no surprise that many earnings releases slipped under the radar.
Here are three results which went largely unnoticed yesterday that I think investors should be aware of:
The AIR N.Z. FPO NZ (ASX: AIZ) share price jumped 6% yesterday after New Zealand's flag carrier airline reported its half-year results. Like Qantas Airways Limited (ASX: QAN), Air New Zealand also posted a steep decline in profit during the half. According to the release the airline saw half-year earnings before tax fall 23.6% to NZ$349 million. For the full-year, management expects a tough second-half due to higher jet fuel costs. As a result it has provided guidance for earnings before tax in the range of NZ$475 million and NZ$525 million. Although not a great result, it would appear as though the market was expecting far worse. But with jet fuel prices increasing I'm not sure the airlines are the best place to invest right now.
The Beacon Lighting Group Ltd (ASX: BLX) share price jumped 10% on Thursday despite the retailer releasing a disappointing half-year result. Although sales in the first-half increased 10.9% to $109.2 million, net profit after tax sank 15% to $9.4 million. The company struggled in the first-half due to competition with the Masters closure. This led to competitive pricing and falling margins. But with Masters now gone, management appears confident that it will have a stronger second-half. I think it may take a little longer for things to normalise, so would caution against making an investment at this stage.
The Estia Health Ltd (ASX: EHE) share price finished the day higher by 14% yesterday after the aged care operator delivered half-year net profit after tax of $19.8 million. This was an impressive increase of 17% on the prior corresponding period and could be an indication that the embattled company has turned a corner. For the full-year management believes the company is on track to meet its full-year EBITDA guidance of between $86 million and $90 million. Whilst things do appear to be improving, I would still suggest investors approach this one with caution.
