BOQ, QBE can outlook, Ansell sales up


Bank of Queensland and QBE have joined a long list of ASX firms to withdraw earnings guidance but rubber glove maker Ansell has boosted sales amid the coronavirus pandemic.

Ansell, which was joined on Monday by insurer IAG in maintaining its outlook, said it had experienced a surge demand for protective hand and body equipment.

The strong sales will be offset by some industrial products amid export restrictions and lockdowns.

“Furthermore, as the COVID-19 situation changes daily there is an increasing likelihood of delays and possible disruptions to transport and local distribution,” Ansell said in a note.

Regional lender BoQ scrapped its earnings guidance but maintains its capital position and funding are strong after a recent capital raising.

However, the company announced it has decided that it will no longer seek APRA’s approval for an exemption in relation to the 12-months profit test for the interim dividend.

Insurer QBE withdrew guidance, citing “extraordinarily difficult times for all stakeholders”.

IAG on Monday left its FY20 guidance unchanged as overall year-to-date profitability is expected to absorbs higher net natural peril claim costs and severe investment market movements.

Source Article

Next Post

Banks move to support landlords, tenants

Australian banks will extend the six-month deferral of loans to 30,000 more businesses to help them cope with the COVID-19 pandemic. The additional measure, announced on Monday by the Australian Banking Association, will see the repayment deferrals expanded to businesses with loans up to $10 million, up from $3 million […]

You May Like