Wages lift 0.9% in June quarter, Westfield profit falls 32%: Midday Roundup

Wages rose by 0.9% in trend terms during the June quarter, according to the latest figures from the Australian Bureau of Statistics.

The trend index through the year for all employee jobs was 3.8%.

The lowest quarterly increase was in the accommodation and food services industries at 0.1%, while mining and rental, hiring and real estate services saw a 0.9% increase.

Westfield half-year profit falls 32%

Westfield has recorded a 32% decline in profit for the half year, although it has confirmed guidance for the full year.

Profit for the half year to June 30 was $650.9 million, down from $960.9 million in the previous corresponding period. Revenue was down 24.5% to $1.3 billion.

Westfield chief executives Peter and Stephen Lowy said the result was “consistent with our full year earnings and distribution forecasts, and demonstrates the resilience of our business and the continuing improvement of our operating platform”.

“The result was driven by net property income increasing 6% during the half year and a 50% increase in the Group’s management and development income.”

The company also confirmed its guidance for the full year. “WDC confirms its 2011 full year forecast for FFO of between 64 and 65 cents per security, operational segment earnings of 74.6 cents per security and distribution per security of 48.4 cents,” the business said.

Woodside Petroleum reports fall in half-year profit

Oil and gas giant has reported an 8% fall in half-year reported profit to $US828 million, attributing it largely to one-off gains in the previous corresponding period.

Revenue rose 7.2% to $2.1 billion, boosted by higher commodity prices, but production fell 13% due to planned maintenance and project outages.

The company’s new chief executive Peter Coleman said Woodside is well positioned to fund its growth plans.

CSL profit flags share buyback possibility after “impressive” result

Meanwhile, blood products company CSL has reported an 11% fall in full-year reported profit, dragged down by the rise in the Aussie dollar.

Managing director Brian McNamee described the result as an “impressive” one, given the year’s volatility, and flagged the board would consider capital management initiatives later in the year.

McNamee expects similar trading conditions in the year ahead.

Sharemarket shrugs off negative leads

The Australian sharemarket has had a positive start to the day, despite weak overnight leads.

At 11.45 the S&P/ASX200 was trading 0.48% higher at 4267.5, while the All Ordinaries index was up 0.44% to 4336.4.

The Australian dollar is trading at $US1.044.