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…
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