Business
Pandemic punches big hole in blue chip profits – The Australian Financial Review
The fallout from the COVID-19 pandemic has decimated profits at some of the ASX’s blue-chip companies previously considered safe havens because of the dominant position they hold in their industries.
Downer EDI warned in June it would skid into the red as it launched a $400 million equity raising. Downer is also aggressively cutting costs in a move being replicated by hundreds of Australian companies. It employed 53,000 people around the world before COVID-19 arrived, but is pruning more than 1000 jobs, shrinking offices and slashing the value of IT equipment.
But while some of the blue-chip favourites have suffered bruising losses, companies such as $12 billion funds management giant Magel…
-
Business19 hours agoWhy is Alphabet stock worth less than Nvidia, Microsoft, Apple, and Amazon even though it is the most profitable S&P 500 company?
-
Noosa News18 hours ago‘Sunny, benign’ school holiday weather after morning showers in parts of Queensland
-
General13 hours agoDeveloper warns wind energy capacity may not be ready by WA coal deadline
-
Noosa News15 hours agoTips to improve engagement – Proctor