The third week of the August rush saw a wave of earnings updates from Australian corporates.
BHP was a genuine standout, with outstanding cash flow performance helping to support a pristine balance sheet despite still finding room for a stellar dividend which represented an 8.6% yield for the half and almost 16% for the full year (including franking).
Separately, Santos announced a tripling of profits and a near doubling of free cash flow, while Downer delivered a result largely in line with expectations. So why was the market’s response so tepid to both results?
