AAP Finance

Seven Group lifts underlying earnings 40%

By AAP Newswire

Seven Group Holdings' underlying full-year earnings are up 40 per cent to $695.1 million but its stake in Seven West Media is dragging on the operating and investment company.

Seven Group has taken a $259 million hit related to its 41 per cent ownership of Seven West Media, whose share price is down 33.6 per cent this year.

The company said on Wednesday that revenue was up 27 per cent to $4.1 billion in the 12 months to June 30.

Seven Group's Caterpillar dealer subsidiary WesTrac grew its earnings by $83 million to $286 million as miners rebuilt and repaired their ageing trucks.

Seven Group's Coates Hire equipment rental business increased its earnings seven per cent to $184 million, with strength in its NSW, Victoria and South Australia divisions outweighing weakness in Queensland.

Beach Energy, which Seven Group owns a 28.6 per cent stake in, saw its production increase 55 per cent to 29.4 million barrels of oil equivalent.

Seven Group kept its dividend unchanged at 21 cents per share.

At 1351 AEST, Seven Group shares were up 2.2 per cent to a three-week high of $17.04.