At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.25% to 7,484 points.
Here's what is happening on the ASX 200 today:
Cochlear shares sink on full year results
The Cochlear Limited (ASX: COH) share price is sinking on Friday after the release of its full year results. Although the hearing solutions company delivered a profit result in line with its guidance, it fell short of the market's expectations. For the 12 months ended 30 June, Cochlear reported an underlying net profit up 54% to $236.7 million. This compares to its guidance of $225 million to $245 million and the consensus estimate of $245.5 million.
Sydney Airport posts big loss
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is trading flat today after the release of its half year results. Due to COVID-19 impacting the travel market, the airport operator posted a loss after tax of $97.4 million. This was 81.7% worse than the prior corresponding period. Management advised that this was driven by a 36% drop in aeronautical revenue and a 40.6% plunge in retail revenue.
TPG shares fall on half year update
It hasn't been a good day for the TPG Telecom Ltd (ASX: TPG) share price. Investors have been selling its shares following the release of its first half year results since its merger with Vodafone Australia. The telco reported a 71% increase in revenue to $2,630 million but an 8% decline in net profit after tax to $76 million. According to a note out of Goldman Sachs, this fell short of its estimates by 2% and 37%, respectively.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Inghams Group Ltd (ASX: ING) share price with a 6% gain. This morning the poultry company revealed the doubling of its profits in FY 2021. The worst performer on the ASX 200 has been the Cochlear share price with a 6% decline. This follows the release of a softer than expected profit for FY 2021.
