Market flat as bank gains offset losses in mining
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Market flat as bank gains offset losses in mining
Market flat as bank gains offset losses in mining
Market flat as bank gains offset losses in mining
Floods see new revenue guidance cut Boq
Market flat as bank gains offset losses in mining
Floods see new revenue guidance cut Boq
Floods see new revenue guidance cut Boq
Floods see new revenue guidance cut Boq
Floods see new revenue guidance cut Boq
Floods see new revenue guidance cut Boq
Floods see new revenue guidance cut Boq
Floods see new revenue guidance cut Boq Topics: Stock Market on Wednesday February 16 2011, 17:21 EST Bank of Queensland Ltd has reduced its total orientation year profit and warned of flat dividends due to the impact of floods and Cyclone Yasi at home state.The regional bank has 62 percent of its business in Queensland, which was affected by widespread and devastating flooding in December and January, before the cyclone destroyed Yasi parts of the far north review . A of his wallet and Boq led operations to lower their expectations of their 2011 cash tax benefit of $ 35 million to between $ 175 million and $ 195 million. “Given our high concentration of business in Queensland, we have adopted a cautious approach to these events,” said managing director David Liddy in a statement.The downward revised guidance comes after a reduction of 8 December that it expected a cash benefit between U.S. $ 210 million and $ 230 million from $ 220 million and $ 250,000,000 above previously.The rebate was due to the impact on its commercial loan portfolio of weaker than expected trading conditions. Boq recorded a net cash gain of $ 197,100,000 in the year to August 31, 2010.Its shares fell to 4.9 percent on Wednesday, before recovering to close at $ 10.06, down 25 cents or 2.42 per cent.Mr Liddy also said that lower profit may impact on dividends. “Given these exceptional costs, the board may be necessary to revise the expected dividend growth, which said.BOQ had forecast dividend growth of between 10 and 20 percent in fiscal 2011.It dividend of 52 cents in fiscal year 2010.The recent extreme weather also caused Boq to increase their levels of provisioning for the first half of fiscal 2011 by $ 45 million.Mr Liddy said he expects the asset growth would accelerate in FY 2012 The work of rebuilding the flood-affected areas has gained momentum and economic conditions began to improve.BOQ 's first half ending 28 February, and the results and dividend for the period reported on 14 April.