THE NEWS WRAP: Stockland’s profits down 79%, predicts housing market recovery will help it rebuild
Tuesday, August 13, 2013/
The nation’s largest property developer, Stockland, has told investors it believes the residential property market is due for a recovery.
The comments came as chief executive Mark Steinert announced a fall in full year profits of 79% to $105 million as revenues dropped 13.2% to $1.9 billion.
“Although global economic conditions have improved over the last six months, there is still considerable uncertainty and volatility,” said Steinert says.
“The housing market has bottomed and is heading up.”
Icahn takes a bite of Apple
High profile investor Carl Icahn has revealed he has had a “nice conversation” with Apple chief executive Tim Cook after amassing a “large position” in the company”.
During the meeting, Icahn reportedly advocated the company should undertake a $150 billion share buyback by borrowing funds at 3%.
“If Apple does this now and earnings increase at only 10%, the stock – even keeping the same multiple currently – should trade at $700 a share,” Icahn says.
Gourmet results help Domino’s top off a good year
Domino’s Pizza Enterprises has reported its annual profits are up by 7% to $28.7 million, with revenues up 5.4% to $848.6 million.
Chief executive Don Meij is crediting the introduction of the chain’s gourmet pizza range and increased online orders for the strong results.
“It’s been a game-changer in Australia. They’ve been one in five of the pizzas going out the door,” Mr Meij says.
The company, which owns the master franchise rights to the Domino’s brand in Australia, New Zealand, France, Belgium, The Netherlands and Monaco, also announced it is purchasing a 75% stake in Domino’s Pizza Japan.
The Dow Jones Industrial Average is up to 15,451.01. The Aussie dollar is down to US91.01 cents.