The Director's Commentary of the ASX.
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Tigers Realm Coal (ASX:TIG) reported that they sold 260 KT of coal in the quarter. They also mined 410 KT of ROM coal. The company’s sales target for 2023 remains at 1.1MT. Tigers Realm Coal’s sales strategy is to increase thermal coal sales in August and coking coal sales in September.
Coronado Global Resources (ASX:CRN) reported its quarterly group saleable production of 4.5 MT, an increase of 22.0% compared to the March quarter. The group’s ROM coal production also rose by 15.3% to 7.2 MT. The company generated $728 million in group revenue for the June quarter and had a capital expenditure of $48 million. Coal sales volumes for the same quarter reached 4.0 MT, up 8.3% from the March quarter. The average realized price per tonne of met coal sold was $219.5, a decrease of 8.4% compared to the previous quarter. Coronado expects metallurgical coal pricing to remain above the long-term average price of $192 per tonne. They also anticipate lower average mining costs per tonne sold for the second half of 2023 and higher capital expenditure for the fiscal year 2023. The rollout of technology on all of Curragh’s dragline fleet is expected to be completed by the end of 2023.
Scidev Ltd has secured a A$7.0M mineral sands contract for the supply of MAXIFLOX® chemistry.
Service Stream Ltd (ASX:SSM) has recently secured two new agreements. These contracts are expected to generate approximately A$340 million in revenue over their respective terms. The N2P Evolution agreement supports NBN’s Fibre Connect program, which seeks to deploy additional fibre infrastructure across Australia. Service Stream has also been appointed by AGL to perform station maintenance at Loy Yang Power Site in Latrobe Valley, under a 5-year agreement.
Investsmart Group Ltd (ASX:INV) reported that total funds under management is A$533 million at 30 June 2023. Commissions income from insurance is expected to be A$1.35 million for FY23.
Digital advertising company, REA Group (ASX:REA):
[had] revenue of $887m, up 2% YoY, and EBITDA excluding associates of $495m, a decrease of 5% [for the nine months ended 31 March 2023]
The Q3 results were a bit soft:
Q3 revenue declined by 3% to $269m due to the challenging macroeconomic environment in Australia […] EBITDA excluding associates declined by 13% to $136m.
Interest rates this, interest rates that.
Media company, The Market Herald (ASX:TMH):
announce[d] that [Gumtree], a wholly-owned subsidiary of the Company, has entered into binding documentation with Commonwealth Bank of Australia to, among other things, refinance the vendor loan note between the Company and Adevinta Oak Holdings B.V.
The debt facilities are detailed as:
- a A$46 million term loan facility;
- a A$2 million bank guarantee facility; and
- a A$150,000 corporate charge card facility.
Food processing company, The Original Juice Co. (ASX:OJC):
OJC has entered into a juice supply agreement with Aldi China and has gained further export market entries into China and Malaysia.
The agreement in with Aldi is under the private label brand ‘Urban Eaters’, and the other entries are under OJC’s brand ‘Australia’s Garden’ in China and Happy Valley’s namesake brand in Malaysia.
All export juice products will use 100% Australian ingredients, sourced from our local farmers and which have been juiced and bottled on-site in Melbourne.
Diary nutritional company, a2 Milk (ASX:A2M) & (NZX:ATM):
advises of several leadership and organisational changes to its USA, ANZ and MVM businesses.
Strap in.
Blake Waltrip, Chief Executive - USA, has decided to leave a2MC after seven years leading the USA business. Kevin Bush, currently Executive General Manager - ANZ, will take over …
But who will be EGM - ANZ?
As a result of Kevin Bush’s appointment and relocation to the USA, Eleanor Khor, currently Chief Strategy Officer, will add to her existing role, taking on the leadership of a2MC’s ANZ business, as Managing Director - ANZ and Strategy.
I think Kevin Bush got the better end of this deal.
But wait, there’s more:
In respect of the leadership of MVM (Mataura Valley Milk), Bernard May, Chief Executive - MVM, has decided to leave MVM after seven years. John Roberts has been appointed as Interim General Manager MVM …
The seven-year-kiss-of-death.
Additionally:
… several other changes have been announced internally within the USA and MVM businesses.
Sounds like there is some cost cutting measures happening, and I would guess a few promotions-slash-combining-two-jobs-into-one-role kind of shenanigans.
