Coca-Cola shares take a hit; BoQ lifts first-half profits: Midday Roundup

Coca-Cola Amatil has announced a strategic review following a disappointing start to the year for the Australian beverage market.

Despite this, it seems Australians are turning out to support struggling business SPC Ardmona, with the brand’s sales revenue lifting 10% this quarter.

In a statement, the company’s group managing director Alison Watkins said she expects challenging trading conditions to continue.

“Over the next few months we will challenge and review our business plans and strategies across the Group to drive growth and value,” she says. “I am excited by the opportunity we have to shape a strong future for CCA.”

Investors were not happy with the announcement, with CCA shares taking a hit – down 13.6% to $9.96 at 11.20am (AEST).

BoQ lifts first-half profits

Bank of Queensland has posted a strong first-half result, as the bank also announced this morning it is acquiring Investec Australia’s specialist finance and leasing business.

The bank’s profits have increased 17% on the previous corresponding period, with after tax cash earnings of $140.2 million.

Chief executive Stuart Grimshaw said in a statement the bank was making good progress.

“Our performance over the first half shows we are successfully executing our strategy and proactively managing the levers available to us to deliver results,” he says.

“We maintained a focus on profitable growth rather than compromising margins or risk standards, building momentum in our new customer distribution channels, tightly controlling expenses while investing in future growth, and building our customer-focused culture.”

Shares fall on open

Aussie shares have plummeted on open this morning, following major falls on Wall Street overnight.

The S&P/ASX200 benchmark was down 52.5 points to 5428.3 at 11:32am AEST. Last night the Dow Jones closed down 1.62%, dropping 266.96 points to 16,170.22.

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