Santos’ revenue down as gas prices get hit | ASX Market Update

  • Jul 23, 2020 AEST
  • Team Kalkine

Gas producer Santos says lower gas prices generated by the coronavirus pandemic have caused its revenue levels to fall despite recording growth in total production levels for the second quarter of 2020. The company’s revenue for the period was $US785 million ($A1.09 billion), 11 per cent down on the previous quarter. Santos said the slump was largely driven by lower liquid gas prices from the economic collapse induced by COVID-19. Its sales revenue for the first half of the year was also down by 16 per cent compared with the previous six months, booking a total figure of $US1.7 billion ($A2.3 billion).

Coca-Cola Amatil says the coronavirus pandemic has wiped millions of dollars from the company’s value, as lockdown restrictions continue to hurt sales. In a statement to the Australian Stock Exchange on Thursday, the major drinks provider said COVID-19 had prompted the company to record an expense of between $160 million and $190 million for the first six months of its financial reporting period. The charge is predominantly from impacts to its Indonesian operations throughout the pandemic. The company does not expect the loss in value to impact its loans.

Donut King franchise owners Retail Food Group has been forced to close one of its Victorian facilities after three workers tested positive for coronavirus. The group, which also owns the franchise rights to Gloria Jeans, Michel’s Patisserie and Brumby’s Bakery, said on Thursday its Dairy Country facility in the Melbourne suburb of Tullamarine had confirmed a cluster outbreak, forcing it to close the factory for a deep clean. Retail Food Group (RFG) said all employees who worked at the facility would be sent for immediate testing. It noted its Campbellfield facility had not been impacted by the virus scare.

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