Yesterday saw the dregs of the 2013-14 June 30 full and half year reporting season released on the ASX.
Some 27 companies produced full year or interim profit announcements yesterday, well after the cut off for these reports on Friday night.
Approximately 20 of these reported losses, but nowhere the $1.3 billion in losses reported on Friday by dozens of companies.
Leading the way was Virgin Australia with a massive $355 million loss.
According to the Australian Shareholders’ Association even more listed companies are waiting until Friday, the last possible day to release their results.
According to ASA analysis, a staggering 262 different companies released their results, up from 243 on the last day for the interim reports on February 28 this year.
ASA chairman Ian Curry said the only mitigating statistic was the lower proportion of loss-makers, which fell to 67.5% this season from 75% in February.
The ASA said that of Friday’s announcements, 114 of the 262 were posted after the market had closed at 4pm.
“This is particularly disappointing considering that investors, analysts, media and stakeholders are generally switching off from the market at this time of the week,” Mr Curry said said in a statement.
“And when you consider the volume of losses disclosed late on Friday afternoon, it is clear that some companies are hoping their poor performance won’t be noticed in the deluge.”
Of Friday’s 262 companies, the ASA’s Stephen Mayne points out that 24 of them reported losses of $10 million or more. These were:
• Virgin Australia: $355 million
• Bathurst Resources: $188.9 million
• Silver Lake Resources: $170.4 million
• Kingsgate Consolidated: $96.3 million
• AJ Lucas: $91.7 million
• Crowe Horwath: $88.2 million
• Unilife Corp: $62 million
• BSA Ltd: $54.85 million
• Opus Group: $47 million loss
• OM Holdings: $18.8 million
• ADG Global Supply: $18 million
• MOKO Social Media: $13.47 million
• Prana Biotechnology: $13.33 million
• Decimal Software: $13.2 million
• SubZero Group: $13 million
• Digital CC: $11.91 million
• Finders Resources: $11.49 million
• Australian New Agribusiness and Chemical Company: $11.88 million
• Quickstep Holdings: $11.18 million
• Hudson Investments: $11 million
• KBL Mining: $10.4 million
• Isonea Ltd: $10.3 million
• Genetic Technologies: $10.13 million
Excluding Vrigin’s pool of red ink, that’s close to a billion dollars in that list.
And if you add the $2.8 billion loss from Qantas, losses reported last week topped the $4.2 billion mark.
And of the other companies, Mayne said a couple stood out: Yellow Brick Road: the Mark Bouris mortgage company revealed an $8.68 million loss; Haoma Mining revealed an $8.63 million loss.
