Resources to electrify profits in high-stakes earnings season

📆 31/07/2022 23:03:00
📰 FinancialReview

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The ASX’s coal, oil and gas producers are on the cusp of reporting exceptional results in the annual profit season kicking off this week, drawing a line under a volatile year for the sharemarket as it faces a slowdown in growth.

P/ASX 200 is set to bank earnings per share growth of 21 per cent for financial 2022, decelerating from theResource sector earnings will swell by 33.7 per cent, according to Citi forecasts, which also tip market-wide dividends to grow by 5 per cent.

Whitehaven Coal stands to earn $3 billion when it reports full-year results on August 25; it achieved record average coal prices of $514 a tonne in the June quarter. , their downturn in fortunes is barely perceptible from a profit perspective given the sector's record of losses. However, if you look at the forward indicators – business confidence, consumer sentiment – they’re rolling over, so it’s going to be a more challenging environment from here.”

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