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Cochlear reported a revenue of $1.17 billion, marking a 5% year-over-year growth, with a net profit after tax of $205.1 million, up 7%, and an interim dividend of $2.15 per share. AMP Limited's underlying NPAT rose 15% to $236 million, but profits for the 2024 financial year nearly halved to $150 million due to the sale of its adviser business. Charter Hall Retail REIT's profit was $108.6 million, with operating earnings down 7% year-over-year, while GQG Partners saw a significant revenue growth of 46.9% to $760.4 million and a net profit after tax increase of 52.8% to $431.6 million.
UBS downgraded GQG Partners from "Buy" to "Neutral," slashing its price target by 30% to AUD2.30 due to anticipated AUD600mn losses in funds under management following the Adani Group's indictment. Despite a strong financial record and diversification into private markets, GQG faces risks from concentrated investments in Adani, which have already led to a 20% drop in share price. The firm plans to expand geographically and has initiated a AUD100mn share buy-back to bolster investor confidence.
India's Adani Group has vehemently denied U.S. allegations of bribery and fraud involving its chairman, Gautam Adani, following an indictment in a New York federal court. The charges claim over $250 million in bribes were paid to secure solar energy contracts worth more than $2 billion in profits. In response, the company emphasized its commitment to governance and regulatory compliance, stating that all claims are "baseless" and that it will pursue all legal avenues to address the allegations.
Nvidia's third-quarter earnings exceeded expectations, with revenue soaring 94% year-on-year to $35.08 billion and net income rising 109% to $19.3 billion. However, shares fell 2.5% in extended trading as investors reacted to a slower growth rate compared to previous quarters, highlighting heightened expectations for the chipmaker. Meanwhile, Adani Group's shares plummeted following fraud charges against its chair, and the U.S. DOJ recommended Google divest its Chrome browser amid monopoly concerns.
Shares of GQG Partners plummeted 25% following the indictment of Adani Group Chair Gautam Adani for fraud, marking the firm's worst trading day since its 2021 listing. GQG, which holds a 3.94% stake in Adani Enterprises, is reviewing the situation while noting that over 90% of its assets are in unrelated investments. Adani Group shares also fell sharply after a previous report accused the company of extensive fraud, leading to significant losses in early 2023.
GQG Partners' stock fell nearly 10% following US charges against Gautam Adani, alleging his involvement in a $250 million bribery scheme related to solar energy contracts in India. The firm is reviewing its investments in the Adani Group but notes that over 90% of its clients' assets are in unrelated issuers, ensuring portfolio diversification.
GQG Partners Inc.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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