Mirvac sticks with guidance

PROPERTY group Mirvac says it is on track to meet its full year financial guidance after a review of its business.

The company still expects to achieve earnings per security of between 10.7 cents and 10.8 cents in the year to June 30, chief executive Susan Lloyd-Hurwitz said on Thursday.

A thorough review of Mirvac's business - which covers office, retail, industrial and residential property - had also uncovered several ways to improve return to shareholders, she said.

In particular, Mirvac would improve its focus on deciding where to allocate capital in its business, and what areas wouldn't receive funds, Ms Lloyd-Hurwitz said.

"Investors can expect to see Mirvac deliver stable income and focused growth," she said in a statement.

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JB Hi-Fi shares rise on guidance update

Shares in JB Hi-Fi jumped after the retailer pushed up its sales and profit guidance. Source: AAP

JB Hi-Fi shares are up six per cent after the retailer said it expected full-year profit to increase by up to 11 per cent.

JB Hi-Fi on Friday said it expected sales in 2013 to be around $3.3 billion and net profit to be between $112 million and $116 million.

The figures represent a seven per cent to 11 per cent increase in net profit on the prior year.

AT 1300 AEST, its shares were up by 94 cents, or six per cent, to $16.43.

The retailer had previously put sales guidance around $3.25 billion and net profit within the range of $108 million to $112 million.

"This updated guidance has been driven by stronger-than-expected sales in the second half of FY13," the company said in a statement.

Sales growth in Australia and New Zealand for the four months ended April 30, 2013, was 10.3 per cent.

The company has opened 13 new JB Hi-Fi stores in FY13, all in Australia.

As at June 30, it will have 177 stores - 164 in Australia and 13 in New Zealand.

AAP g

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CSR cuts 150 jobs and lowers guidance

BUILDING products company CSR shares are down more than four per cent as it prepares to cut about 150 staff and lowers profit guidance.

The jobs will go as CSR closes a glass manufacturing facility in Sydney's south-west in July, and merges two processing plants into one by January 2014.

CSR said it would try to find other jobs within the company for those staff affected at Viridian.

The "recent deterioration in performance of Viridian", as well as the timing of property sales, meant net profit was now expected to be between $30 million and $34 million for fiscal 2013," CSR said.

The updated guidance, announced on Monday, was lower than previous expectations of net profit between $35 million to $54 million issued in November.

CSR's financial year ends on March 31.

The company reported statutory net profit of $76.3 million in fiscal 2012.

At 1050 AEDT, CSR was down 8.5 cents, or 4.05 per cent, at $2.015.

In percentage terms, CSR was the worst-performing stock on the S&P/ASX200.

"CSR is implementing a major restructure of its Viridian glass operations to reflect the reality of the market, improve the short-term performance of the business and position Viridian to compete successfully in the future," CSR managing director Rob Sindel said in a statement.

CSR said operating losses at Viridian had accelerated since CSR's first half results announcement in November.

It said the higher Australian dollar had made imported glass cheaper, while construction activity was forecast to grow at a slower pace than previously thought.

Moreover, energy and manufacturing costs had risen.

But on a positive, CSR noted Australian Bureau of Statistics figures which showed the 12-month total of building approvals had increased steadily over the six months to January.

"While the Australian construction market has been difficult for some time, the outlook for residential construction appears to be improving modestly - particularly in New South Wales, Western Australia and Queensland," CSR said.

"CSR's Building Products businesses continue to perform well in a challenging market."

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CSR cuts 150 jobs and lowers guidance

BUILDING products company CSR shares are down more than four per cent as it prepares to cut about 150 staff and lowers profit guidance.

The jobs will go as CSR closes a glass manufacturing facility in Sydney's south-west in July, and merges two processing plants into one by January 2014.

CSR said it would try to find other jobs within the company for those staff affected at Viridian.

The "recent deterioration in performance of Viridian", as well as the timing of property sales, meant net profit was now expected to be between $30 million and $34 million for fiscal 2013," CSR said.

The updated guidance, announced on Monday, was lower than previous expectations of net profit between $35 million to $54 million issued in November.

CSR's financial year ends on March 31.

The company reported statutory net profit of $76.3 million in fiscal 2012.

At 1050 AEDT, CSR was down 8.5 cents, or 4.05 per cent, at $2.015.

In percentage terms, CSR was the worst-performing stock on the S&P/ASX200.

"CSR is implementing a major restructure of its Viridian glass operations to reflect the reality of the market, improve the short-term performance of the business and position Viridian to compete successfully in the future," CSR managing director Rob Sindel said in a statement.

CSR said operating losses at Viridian had accelerated since CSR's first half results announcement in November.

It said the higher Australian dollar had made imported glass cheaper, while construction activity was forecast to grow at a slower pace than previously thought.

Moreover, energy and manufacturing costs had risen.

But on a positive, CSR noted Australian Bureau of Statistics figures which showed the 12-month total of building approvals had increased steadily over the six months to January.

"While the Australian construction market has been difficult for some time, the outlook for residential construction appears to be improving modestly - particularly in New South Wales, Western Australia and Queensland," CSR said.

"CSR's Building Products businesses continue to perform well in a challenging market."

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