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By Charles M. Blow

Opinion Columnist

QBE Insurance HY Profit Down

QBE Insurance Group (QBE.AX,QBEIF.PK) reported a net profit after tax of US$151 million in the half year ended 30 June 2022, down from US$441 million last year, reflecting adverse mark-to-market impacts on our investment portfolio, the transaction to reinsure North America Excess & Surplus lines prior accident year liabilities, the Australian pricing promise review and an adverse risk free rate mismatch.

Adjusted cash profit after tax reduced to US$169 million from US$463 million in the prior period.

But net earned premium rose to US$6.79 billion from US$6.57 billion in the prior year.

The Board has declared an interim dividend of 9 Australian cents per share, a decrease from 11 Australian cents per share in the prior period.

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Pan American Silver Slips To Loss In Q2

Pan American Silver Corp. (PAAS, PAAS.TO) reported a second quarter net loss of $173.6 million or $0.83 per basic share, compared to net income of $71.24 million or $0.34 per basic share in the prior year. The latest quarter result impacted by a pre-tax impairment charge of $99.1 million recorded for Dolores and $62.8 million in net realizable value (NRV) inventory adjustments, primarily at Dolores.

Adjusted loss for the latest quarter was $6.5 million or $0.03 per share.

The company reported Silver production of 4.5 million ounces and gold production of 128.3 thousand ounces.

Revenue for the quarter was $340.47 million, down from $382.13 million in the previous year. The latest quarter result included a negative $9.3 million adjustment on open concentrate shipments, largely related to the decline in metal prices towards the end of the second quarter 2022. Revenue in the latest quarter excluded inventory build-ups of 34.2 thousand ounces of silver and 8.5 thousand ounces of gold.

The company declared a cash dividend of $0.11 per share, payable on or about September 2, 2022, to holders of record of Pan American’s common shares as of the close on August 22, 2022.

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Telstra FY Profit Down

Australian telecom giant Telstra Corp. Ltd. (TLSYY.PK,TLS.AX, TLS) reported that its net profit after tax for fiscal year 2022 was A$1.8 billion, a decrease of 4.6% from the prior year, largely due to decline in nbs one-offs. Earnings per share were 14.4 cents down 7.7% from the prior year.

Underlying earnings per share grew 48.5% year-over-year to 14.4 Australian cents.

Total income decreased 4.7% to A$22.0 billion from the previous year.

The company has declared dividend of 8.5 Australian cents per share, bringing the total dividend for the year to 16.5 Australian cents per share. It included an increase in the ordinary dividend from 10 Australian cents to 13.5 Australian cents per share, and will see around $1.9 billion returned to shareholders, on top of the successful A$1.35 billion share buyback completed in May 2022.

Looking ahead for fiscal year 2023, the company projects underlying EBITDA to be in the range of A$7.8 billion to A$8.0 billion and total income of A$23.0 billion to A$25.0 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

AMP H1 Underlying Net Profit Down; To Return A$1.1 Bln To Shareholders

AMP Ltd. (AMLTF.PK, AMP.AX) reported that its underlying net profit after tax for the first half of 2022 declined to A$117 million from A$155 million in the prior year. The latest period results included impact of previously announced North and Master Trust strategic repricing in 2021, and release of AMP Bank credit loss provision in the first -half of 2021 of A$12 million not repeated this period, partially offset by planned cost reductions.

But net profit after tax for the first half of 2022 increased to A$481 million from last year’s A$146 million, reflecting the gain on sale of the infrastructure debt platform.

AMP said it will return A$1.1 billion of capital to shareholders comprising A$350 million via an on-market share buyback, to commence immediately, with a further A$750 million of capital returns planned in fiscal year 2023. The A$750 million is expected to comprise a combination of capital return, special dividend or further on-market share buyback.

AMP will also allocate about A$400 million liquidity to pay down corporate debt and de-leverage the balance sheet.

The company has resolved not to declare a dividend in the first half of 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Africa Oil Q2 Profit Drops

Africa Oil Corp. (AOI.TO) reported that its second quarter net income dropped to $5.65 million or $0.01 per share from $38.38 million or $0.08 per share in the prior year.

Quarterly net operating income declined to $6.37 million from last year’s $44.13 million. The operating income primarily relates to the company’s share of profit from its investments in Prime amounting to $14.4 million.

The second dividend distribution for 2022 of $0.025 per share is payable on September 30, 2022, to shareholders of record at the close of business on September 9, 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com