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22nd Feb 07:55 PM AEDT
COVID-19 weighs on Virtus’ (ASX:VRT) profit
Image source – © Photoalex | Megapixl.com
The shares of ASX listed health care equipment company Virtus Health Limited (ASX:VRT) closed 1.085% lower at AU$7.300 per share today after the company reported its half year earnings.
As per the release, the company failed to provide any firm earnings guidance as the net profit declined for the half-year ended on 31 December.
The reported EBITDA declined to AU$37.9 million from AU$59 million in H1 FY22.
VRT’s EBITDA from the Australian segment was significantly impacted due to COVID-19 related costs, which declined by AU$12.5 million on pcp. At the same time, the gross margin was also affected by around AU$2.0 million due to COVID-19 associated disruptions.
The profit before tax declined to AU$21.5 million and the reported NPAT pre-minorities dropped to AU$15.3 million.
Group’s basic earnings per share also declined by 51.7% to AU$18.06 million for the period.
However, VRT’s revenue for the period increased to AU$171.3 million on pcp, and the company witnessed some improvement in its leverage ratio that came at 1.3x on 31 December from 1.5x in the prior corresponding period.
The recent outbreak of the COVID-19 Omicron variant has significantly impacted the ARS market. VRT expects several factors to likely impact demand for ARS in the second half and beyond due to COVID-19 cases.
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22nd Feb 07:35 PM AEDT
Superloop (ASX:SLC) shares on investors’ radar. Here’s why
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Superloop Limited (ASX:SLC) shares remained on radar of investors and tradies as the telecommunications services provider, announced first half results for the financial year 2022. The group reported revenue of AU$119.9 million.
During these six months, underlying EBITDA reached AU$9.1 million, a 12.2% increase on pcp.
The company declared no dividend during the first half of 2022.
The stock closed 10.698% lower at AU$0.960 per share today.
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22nd Feb 07:32 PM AEDT
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22nd Feb 07:26 PM AEDT
Surf brand Piping Hot partners with UTS to make sustainable fibre
Image Source © Noipornpan | Megapixl.com
Australian surf brand Piping Hot is partnering with University of Technology Sydney (UTS) to bring a sustainable change in polyester industry worldwide. Both have joined hands to develop polyester fibre made from seaweed.
Piping Hot is an Australian company that focuses only on 100% sustainable material and uses recycled polyester for its swimwear and surf apparels. It is also a signatory to the world’s biggest corporate sustainability initiative UN Global Compact.
The partnership will be an add on to Piping Hot's exiting mission to defend the oceans. Climate scientists from UTS are to building a prototype of the bio-based solution which will ultimately sequester carbon from the ocean and reduce the impact of synthetic fibres on oceans. The current research might also fuel Australia’s untapped potential in marine biotechnology.
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22nd Feb 07:24 PM AEDT
Macquarie (ASX:MAQ) expects FY22 EBITDA between AU$85-AU$88 million
Image source – © Estike | Megapixl.com
The shares of ASX listed telecom company Macquarie Telecom Group Limited (ASX:MAQ) grabbed the spotlight on Tuesday.
Investors kept the stock on their radar after the company reported an 11% increase in its EBITDA followed by a 4% jump in its revenue for the half-year ended on 31 December 2021.
Meanwhile, the scrip closed 1.613% lower at AU$61 per share today.
The Group has exceeded its guidance, delivering its fifteenth consecutive half of growth on strong operating cash flows.
Consolidated revenue from contracts with customers increased to AU$149.3 million from AU$143.4 million in the prior corresponding period.
Meanwhile, MAQ’s telecom business revenue declined to AU$64.0 million and EBITDA of AU$9.1 million came in line with the prior comparable period.
On the other hand, Group’s cloud Services & government business generated revenue of AU$76.4 million, an increase of AU$11.6 million, and an EBITDA of AU$21.2 million, up AU$3.2 million on pcp.
Meanwhile, the data centre business generated revenue from contracts with customers of AU$21.0 million, up AU$1.5 million, followed by EBITDA of AU$10.2 million, up AU$0.9 million on pcp.
The Group generated net profit after tax (NPAT) of AU$3.7 million while the EBITDA for the period increased 11.2% on pcp to AU$4.1 million.
The investment made in Cloud Services & Government and Macquarie Data Centres underpinned FY22 EBITDA growth. As a result, the company anticipates FY22 EBITDA between AU$85 million to AU$88 million.
MAQ’s Cloud Services have continued to develop public cloud and security capability boosting the current hybrid cloud offering.
Meanwhile, the company also expects disruptions in its telecom revenue and EBIDTA due to COVID-19 lockdowns.
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22nd Feb 06:35 PM AEDT
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22nd Feb 06:00 PM AEDT
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22nd Feb 04:44 PM AEDT
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22nd Feb 03:51 PM AEDT
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22nd Feb 03:44 PM AEDT
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22nd Feb 03:19 PM AEDT
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22nd Feb 02:52 PM AEDT
Crude oil rises as Russia-US meeting optimism fades
Source: Copyright © 2022 Kalkine Media®
Crude oil prices rose on Monday over the stand-off between the US and Russia over the Ukraine matter, triggering the oil prices to clear their path to advance towards US$100/bbl.
On Monday, Russian force killed a group of five saboteurs who breached Russia's southwest border from Ukraine. At the same time, Ukraine called it a piece of fake news.
May delivery Brent Crude oil futures last traded at US$94.35 per barrel down 0.33%, whereas April delivery WTI crude oil futures traded 3.03% up at US$92.94 per barrel as of 22 February 2022 at 12:59 PM AEDT.
The rising tension between Russia and Ukraine has triggered crude oil supply tension as the US and European Commission confirmed to impose sanctions on Russia, it invades Ukraine.
Emmanuel Macro, the French President said on Monday that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to a summit over Ukraine, but with no immediate plans.
Oil prices are once again heading up, as the optimism of the US-Russia meeting fades. At the same time, OPEC along with its allies is struggling to produce up to its agreed quota, further raising supply concerns.
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22nd Feb 02:17 PM AEDT
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22nd Feb 01:59 PM AEDT
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22nd Feb 01:49 PM AEDT
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22nd Feb 01:43 PM AEDT
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22nd Feb 01:39 PM AEDT
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22nd Feb 01:31 PM AEDT
ASX 200 opens in red as investors fret over Russia’s claimed killing of 5 Saboteurs
The Australian share market fell sharply at the open on Tuesday as investors’ sentiment took a hit over worries of a potential Russian invasion of Ukraine very soon. On Monday, Russian forces claimed to kill a group of five saboteurs who breached the country's southwest border from Ukraine. However, Kyiv dismissed these claims calling it a fake news. The benchmark ASX 200 tumbled 1% or 72.2 points to 7,165 in the first 15 minutes of trading.
Wall Street closed in red on Friday after escalating tensions between the US and Russia and US warnings of a potential Russian invasion. On Monday the US markets were closed on account of President Day.
As of 11:00 AM AEDT, the ASX 200 was down 0.78% or 56.7 points to 7,176.9, while the ASX All Ordinaries index fell 0.93% or 70 points to 7,437. The A-VIX shot up by 7.31% to 17.22.
On the sectoral front, nine out of the 11 sectors were down, with the IT sectors taking the hardest hit of 2.82%. The consumer discretionary and telecom sectors were down 1.84% and 1.53%, respectively. The energy index was up 0.65%, followed by a 0.63% rise in the consumer staples sector.
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22nd Feb 01:30 PM AEDT
ASX 200 likely to open lower as Ukraine crisis impacts investors' sentiments
The Australian share market is expected to open lower on Tuesday, owing to investor sentiment being dismal amidst the Ukraine crisis as concerns grow over a possible invasion of Ukraine by Russia in the future.
The ASX 200 is poised to open 1% lower as per the latest SPI futures. On Monday, the benchmark index closed 0.16% higher to 7,233.60 points.
Global stocks reached their three-week lows while oil rose on Monday following growing geopolitical concerns in the UK over Russia-Ukraine geopolitical tensions.
MSCI's global gauge of stocks dropped 0.4% to 700.11. Meanwhile, the pan-European STOXX 600 index dropped 1.65% to its lowest in four months. Furthermore, the share price of companies exposed to Russia and Ukraine saw a drastic fall on Monday.
As per news sources, Russia's military was quoted as saying on Monday that the Russian troops had killed a group of five saboteurs for breaching the country's southwest border from the Ukrainian territory. However, Kyiv has denied the accusations and called it fake news.