12h ago
Flight Centre to redeploy $61.7 million from Pedal Group exit as Middle East tensions hit profits
Flight Centre reported EBITDA of $275 million, up 24.4% from the prior financial year, as total transaction volume rose 4.7% to nearly $26 billion. The company said Middle East tensions cut about $60 million from its fourth-quarter pre-tax profit and reduced transaction volume through the United Arab Emirates by 15%. Flight Centre also said it will redeploy $61.7 million raised from selling its stake in Pedal Group, as it refocuses on its core travel business.
12h ago
7-31
Domino’s hits investors for $300m and closes 29 stores across Australia and New Zealand
Domino’s Pizza is closing 29 underperforming stores across Australia and New Zealand as same-store sales in the two markets fell 4.7% year on year, a move that has been linked to a $300m blow for investors. The company reaffirmed full-year earnings guidance of $118m to $122m and said it would pay an underlying dividend. Shares have slid from a peak of more than $160 in late 2021 to about $17.
7-31
7-3
Industry urges SMSF loan ban to exempt new housing as Australia targets 1.2 million homes
Australian regulators have tightened restrictions on self-managed super fund (SMSF) lending for new residential projects, prompting concerns about developers’ access to finance. Industry groups are calling for an exemption for new-home projects to support the government’s goal of building 1.2 million homes, amid a downturn in dwelling approvals. Data cited in the debate point to earlier APRA investor-loan limits, with analysis of ABS figures by REA Group showing apartment approvals fell about 25% at the time. With commercial-property SMSF loans currently exempt, interest and presales for small industrial warehouse-style assets have risen, affecting domestic banks, listed homebuilders and commercial property REITs.
7-3