Wesfarmers

Australian conglomerate Wesfarmers (ASX:WES), who owns retailers like Coles, Kmart, Target and Bunnings, mines, chemical companies, and insurance released their first half profit results for FY2012-13.

• Wesfarmers first half Net Profit was $1.285 billion, up 9.3 percent on the corresponding period.
• Coles earnings (EBIT) is $755 million, up from $656 million.

Australian conglomerate, Wesfarmers (ASX:WES) have released its December quarter sales yesterday for its retail divisions Coles, Kmart, Bunnings and Target, recording 15 straight quarters of sales growth.

• Coles: Total sales are up 4.9 percent (compared to previous corresponding period) to $18.3 billion for the first half of the financial year.
• Bunnings: Sales at $4.0 billion up 5.7 percent compared to the 2011/2012 first half.

Diversified industrial conglomerate, Wesfarmers (ASX:WES), have released their Full Year results. The company owns interests in retail, resources, insurance and chemicals assets.

• Full year net profit increased 11 percent to $2.126 billion.
• Wesfarmers revenue increased to $58 billion, rising 5.8 percent.
• Growth spurred on by once struggling supermarket: Coles division.

Australian company Wesfarmers (WES) is expecting a 74 per cent fall in the first half earnings of its insurance division due to the natural disasters that hit Australia.

Wesfarmers (ASX:WES) is selling its Premier Coal to Chinese-owned Yancoal Australia for $296.8 million, subject to approval by the Foreign Investment Review board and the Chinese government.

"The sale is subject to a number of conditions precedent including approvals from the Australian Foreign Investment Review Board and Chinese government authorities, which will be sought over the coming months," said Wesfarmers.

Wesfarmers (ASX:WES) posted a 23 percent increase in net profit to $1.92 billion, but its retail earnings continue to trail due to consumer caution.

Annual total revenue rose 6 percent to $54.9 billion and retail businesses booked a 8.2 percent increase in pre-tax earnings for the year. The Coles chain jumped 21 percent in earnings due to a 6.9 percent increase in sales to $32.1 billion.

Woolworths' (ASX:WOW) is fighting for land for its home renovation development project. According to hardware industry experts, hazy laws on planning and not enough sites are proving to be the biggest roadblocks to Woolies and other major retailers' hopes.

Wesfarmers (ASX:WES) has downgraded its coal sales guidance due to extreme weather conditions at its Curragh mine in Queensland during the April quarter.

In a Thursday briefing, Wesfarmers told analysts it endured "significantly higher cash costs per tonne" due to heavy rainfall curbing production at the metallurgical mine.

Wesfarmers' (ASX:WES) plans to bid up to $1 billion for Burrup Fertilisers has come under questioning by the Australian Competition & Consumer Commission (ACCC). The competition watchdog has asked for market comments on the proposed bid.

The ACCC suggested that Wesfarmers may eliminate competitors with the buy, but has cleared rival bidder Orica to proceed with a bid at Burrup. Burrup fell into receivership in December 2010.