10 moments we wish we could forget from this reporting season

Subdued market conditions across the economy have held a number of companies back from delivering pleasing periodic reports, with the benchmark index having fallen 1.2% since August 14. Below are some of the results that shareholders would probably prefer to forget.

  • Shares in mining heavyweights BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) have fallen since the release of their respective reports. BHP announced a 31% fall in net profit for the year and stated that a further $2.6 billion would be invested in its Jansen potash project. Meanwhile, Rio’s profit for the first half fell 70.8%
  • Insurance provider Suncorp (ASX: SUN) announced a 32% fall in profits for the full year – largely due to the sale of its bad bank loans to Goldman Sachs. The company realised a loss of $632 million on the sale.
  • QBE Insurance Group’s (ASX: QBE) net profit after tax (NPAT) fell by 37% whilst insurance profit fell 18% for the half year. The company attributed the fall in NPAT to a decline in investment income on shareholders’ and policyholders’ funds. Shares fell by 5.5% the day the report was released.
  • Coca-Cola Amatil’s (ASX: CCL) shares also fell by 5.5% on the same day, with the group announcing a 6.9% fall in earnings before interest and tax (EBIT). It also announced that full year earnings were likely to fall by up to 4%.
  • Bluescope Steel (ASX: BSL) shares were hammered when it announced an $84 million net loss for the year, highlighting the tough times being faced by the steel manufacturing industry
  • Treasury Wine Estates’ (ASX: TSE) profits attributable to shareholders fell over 50% for the year, caused largely by cost of sales.
  • Emeco (ASX: EHL) has been hit hard by the slowdown in the resources sector, with operating profit falling 50.5% for the year
  • Transpacific Industries Group (ASX: TPI) announced a net loss of $201.6 million, which can be attributed to a total of $325 million impairments to assets.
  • A $254 million loss was announced by Transfield Services (ASX: TSE), which can also be blamed on massive impairment charges.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

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