Stocks to watch on the Australian stock exchange early on Wednesday:
AAI – ALCOA LTD – last traded at $10.50
Alcoa says it is not seeking to relocate staff en masse to a new plant in Saudi Arabia as it reviews the viability of 600 jobs at its Geelong smelter.
AIX – AUSTRALIAN INFRASTRUCTURE FUND – last traded at $2.04
Australian Infrastructure Fund (AIX) says it is proceeding with the sale of non-core assets and looking at other ways to achieve greater securityholder value after reporting a fall in first half profit.
BLY – BOART LONGYEAR LTD – down one cent at $3.93
Drilling services and products provider Boart Longyear has posted a record full year profit and expects further growth in the year ahead.
CFX – CFS RETAIL PROPERTY TRUST – down 0.5 cents at $1.78
Shopping centre group CFS Retail Property Trust remains confident of a recovery in the sector, despite posting a 42 per cent slide in first half profit.
DOW – DOWNER EDI LTD – up 22 cents at $3.94
Train manufacturer and engineering firm Downer EDI says strong gains in its mining division has helped it return to profitability, and the company expects solid results in 2012.
EHL – EMECO HOLDINGS LTD – up 5.5 cents at $1.18
Earthmoving equipment provider Emeco says it’s making the most of the resources boom, after posting a 20 per cent rise in first half profits.
FAN – FANTASTIC HOLDINGS LTD – up 15 cents at $2.20
Furniture retailer Fantastic Holdings has lifted its first half profit by more than a third to a record $13.2 million despite depressed trading conditions.
FLT – FLIGHT CENTRE LTD – up 77 cents at $21.50
Flight Centre has reported a double-digit lift in first half net profit and upgraded profit guidance for the full year.
IIN – IINET LTD – up four cents at $3.16
Internet service provider iinet Ltd says net profit rose 17 per cent and subscriber numbers grew to 860,000 in the first half of 2011/12.
LEI – LEIGHTON HOLDINGS LTD – up 55 cents at $24.38
Construction giant Leighton Holdings’ Middle East subsidiary has won a $515 million contract to build a luxury hotel complex in Dubai.
MGR – MIRVAC GROUP – steady at $1.205
Property developer Mirvac Group has returned to first half profitability, adding it will continue to cater for an increasing demand for medium-density housing.
MLB – MELBOURNE IT LTD – up 11 cents at $1.55
Internet domain name manager Melbourne IT says it is well-positioned for the future despite a fall in annual profit.
MND – MONADELPHOUS GROUP LTD – up 71 cents at $23.86
Engineering firm Monadelphous says its 26 per cent rise in first half profit is a company record, adding that a growing number of resources projects will continue to drive revenue growth.
OSH – OIL SEARCH LTD – up 17 cents at $6.72
Oil Search has lifted its full year net profit by nine per cent to $196.2 million, driven by higher realised oil prices and lower exploration expense.
OST – ONESTEEL LTD – up nine cents at 82 cents
BSL – BLUESCOPE STEEL LTD – up 2.5 cents at 39 cents
Australia’s second-biggest steelmaker, OneSteel, has posted a $74 million first half net loss but is bullish about its growth through its mining interests.
SHL – SONIC HEALTHCARE LTD – up 23 cents at $11.38
Sonic Healthcare Ltd has posted an eight per cent increase in first half profit as it continues to take a greater share of the market despite global uncertainty.