Wild Aussie weather a worry for Michael Hill

Michael Hill International has lowered its full-year earnings forecast due to the disastrous weather that’s hit Australia recently, which is expected to hurt consumer spending.

The company has announced its unaudited Results for the 6 months to December 31 2010.

Unaudited earnings before interest and tax were $32.3 million, up from $30.3 million last year, unaudited net profit before tax was $29.1 million, up from $27.5 million, while unaudited net profit after tax was $23.9 million, up from $22.3 million.

The company is currently forecasting a full year ebit of $45 million, which would be a $9 million increase from last year’s result of $36.24 million.

However, this forecast is lower than the original budget for the year of $49.9m as disclosed in an Independent Advisors Report released in January.

“The recent floods in Queensland and Victoria, and the cyclone in North Queensland are expected to adversely impact consumer behavior in the coming months and these events were of course unknown at the date of preparing the budgets referred to in the Independent Advisors Report,” the company said. 


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7113 0.0000 0.00%
AUD 0.9508 0.0000 0.00%
EUR 0.6400 0.0000 0.00%
GBP 0.5202 0.0000 0.00%
HKD 5.5327 0.0000 0.00%
JPY 72.5690 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1322.4 60.100 2016-06-24T00:
Oil Brent 49.0 0.120 2016-06-24T00:
Oil Nymex 47.6 -2.520 2016-06-24T00:
Silver Index 17.8 0.440 2016-06-24T00:

Indices

Symbol Open High Last %
NZX 50 6821.4 6853.1 6821.4 -2.25%
NASDAQ 4715.8 4798.2 4910.0 -4.12%
DAX 9237.6 9720.1 10257.0 -6.82%
DJI 17946.6 17946.6 18011.1 -3.39%
FTSE 6338.1 6338.6 6338.1 -3.15%
HKSE 20483.5 21034.2 20868.3 -2.92%
NI225 16333.9 16389.2 16238.4 -7.92%
ASX 5280.7 5325.4 5280.7 -3.17%