ASX 2020 financial year profit reporting season calendar

Find out how Australia’s biggest ASX-listed companies are doing as they report their full-year 2020 profit results.

12 min read

9:35AMAugust 10, 2020.

Updated 2:18PMAugust 25, 2020

A man sanitises the benches at ASX in Sydney. Picture: Dylan Coker

The 2020 full-year profit season is set to be unlike anything that most Australian investors have seen in their lifetimes.

COVID-19 has delivered heavy blows to the Australian economy, and many still worry about what is to come once government support tapers off. Analysts warning of a particularly challenging profit reporting season for investors.

Stay up to date with the biggest companies on the ASX with our 2020 full-year profit season calendar and read our full coverage here on our dedicated profit season page.

7 August

Insurance Australia Group Ltd (IAG)

Insurance Australia Group chief Peter Harmer says the insurer is confident it can navigate earnings challenges, as volatile investment markets, higher natural disaster claims and COVID-19 saw the company report its lowest annual profits since 2012.
Read more: IAG boss Peter Harmer confident insurer can navigate challenges, profit slumps to eight-year low

10 August

Aurizon Holdings (AZJ)

Aurizon lifted annual earnings by 10 per cent and will pursue a $300m share buyback in the 2021 financial year, but warned of a hefty fall in 2021 earnings, with coal volumes set to dip as COVID-19 hits steel demand.
Read more: Aurizon Holdings lifts annual profit, but warns of coal earnings slump

GPT Group (GPT) HY

Melbourne’s tough stage four restrictions are hitting diversified property trust GPT Group, stalling an early recovery in its malls back to pre-crisis trading. The landlord plunged to a $519.1m first half loss on the back of heavy property write downs and rent collections dipped to just 36 per cent in shopping centres during restrictions to control the first wave of the coronavirus crisis.
Read more: GPT falls to $511m loss as pandemic hits mall operations

11 August

James Hardie Industries (JHX) Q1

Buildings supplies company James Hardie Industries has remained bullish about its North American operations despite unveiling a quarterly net profit figure down 89 per cent on the prior period. The company said that for the three months through June, it had continued to gain market share in North America, and growth in that market was set to continue into the next quarter.
Read More: James Hardie first quarter profit dives 89pc

Computershare Ltd (CPU)

12 August

Commonwealth Bank of Australia (CBA)

Commonwealth Bank reported a drop in full-year profit to $7.3bn and its lowest final dividend since 2006, as the pandemic hit the economy and saw expected loan losses swell. CBA’s cash net profit was 11.3 per cent lower at almost $7.3bn for the 12 months ended June 30, the nation’s largest home lender said in an ASX statement on Wednesday. The bank declared a final dividend of 98c, fully franked, adding to an interim payment of $2 per share.
Read more: Commonwealth Bank annual profit falls 11.3% to $7.3bn

Transurban Group (TCL)

Toll road giant Transurban has sunk to a $153m statutory annual loss as traffic slumped on its road network and as it warned of near-term COVID-19 volatility amid Victoria’s six-week lockdown. Transurban’s $153m loss – following a net profit of $170m a year earlier – came after taking a bigger depreciation and amortisation charge in the 12 months to June.
Read more: Transurban posts $153m annual loss, hurt by virus traffic slump

13 August

AGL Energy Ltd (AGL)

AGL Energy says its underlying annual profit fell by 22 per cent and it expects its 2021 earnings could tumble by nearly a third, with the utility bracing for a pick-up in bad debts from the COVID-19 pandemic along with lower electricity prices. The Sydney-based company recorded a sharp drop in 2020 underlying profit to $816m from $1.04bn. While the company narrowly missed a consensus estimate of $825m, the result was in line with $780m-860m guidance provided 12 months earlier.
Read more: AGL annual profit falls 22pc, expects earnings to plunge in 2021

AMP Ltd (AMP)

AMP will pay beleaguered shareholders a special dividend and kick off a share buyback to distribute surplus capital from the $3bn sale of its life insurance division, as the wealth group posted a sharp decline in underlying profit.

AMP reported underlying profit tumbled 42 per cent to $149m for the six months ended June 30, compared to the same period a year earlier, the 171-year old wealth group said in an ASX statement on Thursday.
Read more: AMP declares special dividend, buys back Mitsubishi UFJ stake as core profit tumbles

Goodman Group (GMG)

Industrial property powerhouse the Goodman Group has surged on the back of the coronavirus crisis due to rising demand for deliveries and data services, boosting full year operating profit by 12.5 per cent to $1.06bn. The company, which owns and manages warehouses around the world, lifted operating earnings per security by 11.4 per cent to 57.5 cents, and flagged a 9 per cent lift for this financial year.
Read more: Goodman Group brushes off virus woes, as empire hits $51bn

QBE Insurance Group (QBE) HY

QBE shares surged in early trade after chief executive Pat Regan said the insurer was enjoying the best pricing environment since the aftermath of the 9/11 terror attacks, with low rates, rising climate-related weather events and COVID-19 losses leaving insurers with little alternative but to materially increase premium pricing. The nation’s second-largest insurer is positioned to capitalise on the accelerating pricing momentum and emerging organic growth opportunities, he said, as he handed down a $712m loss for the six months through June following a spike in claims and a $90m investment hit.
Read more: QBE swings to first half loss after spike in claims

Telstra Corporation (TLS)

Telstra has revealed a full year profit COVID-19 hit of $200m and says it expects that to double in the 2021 financial year. But the company maintained its dividend and hit pause on the major job cutting program it has been running to take costs out of the business. Telstra reported full-year profit fell 16 per cent as the government-owned national broadband network continued to eat into earnings and mobile revenues fell.
Read more: Telstra says more pain to come as profit drops but dividend holds

Treasury Wine Estates (TWE)

Treasury Wine Estates, the maker of wines such as Wolf Blass, Penfolds and Lindemans, has posted its slimmest profit in three years and sliced its final dividend by more than half in the wake of shrinking sales across all its regions – including its biggest market, China. Profit for 2020 dived 25 per cent and the company said it would make changes to its US operating model and global supply chain, which is expected to deliver respective annualised cost savings of $35 million from 2021 onwards and $50m by 2023.
Read more: Treasury Wine Estate profit sinks 25%, dividend slashed

Woodside Petroleum (WPL) HY

Woodside Petroleum suffered a 27 per cent fall in underlying net profit in the first half as lower energy prices took the shine off record LNG production, with chief executive Peter Coleman calling this year’s oil crash the worst in his career. Underlying net profit after tax fell to $US303m, beating a consensus estimate of $US281m, but significantly down from $US419m for the six months to June 30. Revenue dropped 15 per cent to $1.91bn despite record production of 50.1m barrels of oil equivalent.
Read more: Woodside Petroleum posts 27pc fall in underlying first half profit

14 August

Newcrest Mining (NCM)

Newcrest Mining will pay an improved full-year dividend on the back of the soaring gold price after booking a $US647m net profit, up 15 per cent, even after spending $US1.3bn on growth options for future years.

Australia’s biggest gold miner will pay a US17.5c a share final dividend on the back of the result, up from US14.5c a year ago, after booking earnings before interest, tax, depreciation and amortisation of $US1.8bn, and before-tax earnings of $US1.2bn.

17 August

Lendlease Group (LLC)

Global construction and development giant Lendlease plunged to a $310m annual net loss, hit by costs from its lingering exit from its engineering business and the impact of the coronavirus pandemic. The company also revealed it received JobKeeper assistance of $9.7m in the depths of the COVID crisis but stopped receiving it in mid-June once it had a better picture of the impact of the pandemic on its operations.

JB Hi-Fi (JBH)

JB Hi-Fi chief executive Richard Murray has proved the consumer electronics chain can punch out record revenue and profitability even at the worst of times for the Australian economy, as a catalogue of must-have tech gadgets combined with tight cost control make it the envy of the retail sector. It also stole the spotlight from the market’s traditional big dividend payers, such as the banks, as it diverted its rivers of cash into bumping up its final dividend by almost 80 per cent with its fellow retailer Kogan.com similarly rewarding shareholders on Monday for a strong year of revenue and profitability.

Sydney Airport (SYD)

18 August

Amcor (AMC)

BHP Group (BHP)

BHP has hung a sale sign on two of its Queensland metallurgical coal mines and confirmed it will seek to exit its thermal coal business, as the company booked slightly softer profits on the back of the global coronavirus crisis. BHP announced a net profit of $US7.95bn for the financial year, down 4 per cent on the previous year, as tumbling oil and coal prices bit into the strong performance from the company’s dominant iron ore division.

Cochlear (COH)

Cochlear has reiterated its dividend suspension after posting a full year loss of $238.3m - a 186 per cent turnaround on 2019, with the hearing implant maker blaming the coronavirus pandemic and the loss of a patent infringement lawsuit in the US.

Coles Group (COL)

Coles is the latest industrial to generate growing dividends, as it announced a near 15 per cent lift in its final payout on the back of surging sales at its supermarkets. Coles announced its supermarkets had ratcheted up their revenue and earnings as it declared a final dividend of 27.5 cents per share, up 14.6 per cent on last year’s final dividend.

Westpac (WBC) Q3

Westpac has become the first major bank to opt not to pay an interim dividend as it warned of a “highly uncertain” outlook, even as third-quarter earnings increased.

The board had decided not to pay a first-half dividend and would next consider a payment after ruling off its financial year on September 30, Westpac said in an ASX statement on Tuesday.

19 August

ANZ Banking Group (ANZ) (Q3 update)

ANZ chief executive Shayne Elliott says while the trading environment is still difficult “this is our moment” for the banking system to step up and show its true worth during tough times.

His comments came as ANZ posted a higher, unaudited third quarter cash profit of $1.5bn and declared an interim dividend of 25c per share.

Brambles (BXB)

The coronavirus pandemic has placed heavy cost strains on supply chain company Brambles as it shifts its pallets and containers all over the world, booking strong sales in key segments but suffering revenue collapses in other markets such as transporting beer kegs.

Brambles on Wednesday posted a 68 per cent slide in its full-year net profit as it accounted for the previous sale of its IFCO containers business.

CSL (CSL)

Australia’s biggest company CSL is optimistic an effective vaccine and treatment for COVID-19 will be developed “in the near future”, as it steps up its efforts to quash the pandemic.

The optimistic outlook came as CSL’s net profit rose 9.6 per cent to $US2.102bn ($2.9bn) in the year to June 30.

Dexus (DXS)

Dexus, the country’s largest office landlord, has laid out its belief in the future of central business districts and is pushing ahead with a series of major projects along the eastern seaboard so it is well positioned when the pandemic passes.

But the company warned that rents would soften in the short term due to tough economic conditions, rather than because of a bigger shift to work from home by corporate Australia.

Vicinity Centres (VCX)

Shopping centre giant Vicinity Centres has fallen to a $1.8bn loss on the back of falling mall values with the impact of the latest lockdowns in Victoria to hit in future periods.

20 August

ASX (ASX)

The ASX is expecting to see continued sharemarket volatility, more capital raisings and some pick-up in new listings over the next few months, according to chief executive Dominic Stevens. Read more: Record trading volumes, surge in capital raisings boost ASX profit amid COVID-19 pandemic

Medibank Private (MPL)

Australia’s biggest health insurer Medibank is holding firm on its October premium increase, as its competitors, including rival Bupa, announce they are pausing rises for another six months. Read more: Medibank names Mike Wilkins as chair as full-year profit dives 31pc

Mirvac Group (MGR)

Property developer Mirvac is positioning to come out of the coronavirus pandemic stronger by shifting further into build-to-rent apartments, and is launching more housing projects even as the prices stall across much of the country.

Origin Energy (ORG)

Origin Energy will hold off investing in new power generation due to low wholesale electricity prices and policy settings, threatening a pipeline of generation needed to back up renewables in the national electricity market.

Qantas Airways (QAN)

Qantas chief Alan Joyce has warned of at least another year of pain for the airline, with no international flying expected and domestic services at the mercy of state border closures.

Santos (STO)

Santos has criticised big manufacturers pushing for unrealistically cheap gas deals and suggested aggrieved users could split some of the risk by joining the South Australian producer in developing new projects to boost supply.

Sonic Healthcare (SHL)

Pathology giant Sonic Healthcare has unveiled 4 per cent drop in full-year profit after patient numbers plunged because of COVID-19 restrictions and infection worries.

South32 (S32)

South32 looks set to walk back its commitment to metallurgical coal as a key plank of its future growth, with chief executive Graham Kerr downplaying the likelihood the company will commit to a new coal mine in Queensland.

Wesfarmers (WES)

There might have been no better time to be the owner of a national hardware chain, with Bunnings once again driving the majority of Wesfarmers’ earnings and emerging as one of the most successful retailers in Australia in the midst of the COVID-19 pandemic.

21 August

Suncorp Group (SUN)

Suncorp has warned of “long lasting” COVID-19 economic disruption, as it reported a 33 per cent drop in full-year cash earnings as extreme weather events and the pandemic hit income and boosted expected loan losses.

24 August

Fortescue Metals Group (FMG)

Fortescue Metals chief executive Elizabeth Gaines has warned that Western Australia’s hard border lockdown risks wage inflation and skills shortages in the sector, as the surging iron ore price drove the company to a record $US4.7bn ($6.5bn) net profit for the year.

25 August

Ampol (ALD) HY

Ampol saw first half earnings from its Lytton refinery slump to a $59m loss with writedowns and inventory losses pushing the fuels retailer to a $626m statutory net loss as “unprecedented challenges” in the market hit its performance.

Oil Search (OSH) HY

Oil Search withdrew its first half dividend after slumping to a $US266m loss as the oil market crash and hefty writedowns on the value of its Papua New Guinea assets hit the gas producer.

Scentre Group (SCG) HY

Scentre Group, owner of the local Westfield empire, has crashed to a $3.61bn first half loss as it was slugged by heavy writedowns on its mall portfolio.

Stockland (SGP)

A bounce-back in residential house and land packages helped steady diversified developer Stockland’s results after its commercial holdings were hit by over $500m in value drops due to the coronavirus pandemic’s economic shocks.

APA Group (APA)

27 August

Ramsay Health Care (RHC)

Woolworths Group (WOW)

16 October

Rio Tinto (RIO) Q3

2 November

Westpac Banking Corporation (WBC)

5 November

NAB (NAB)

6 November

Macquarie Group (MQG) HY