Feb 18: BlueScope, Amcor, Boart Longyear, PacBrands, nib, Bendigo Bank JOIN The Australian's top business writers for results season as it happens: the key numbers, succinct analysis, share price reactions, links to indepth coverage as it develops and more. The companies reporting today include Pacific Brands, Lend Lease, BlueScope Steel and Amcor. To ensure you get the latest news and views, please keep refreshing your browser. PBG, 73 cents H1 profit $38.9 million, up from a $362 million loss Sales were down 6.6 per cent as Bonds, Berlei and Jockey grew but were offset by poorer performances at Hard Yakka and King Gee. Sales continue to be mixed, PacBrands says. And just in case that was enough to get your hopes up, the company warns that H2 figures would be dependent on market conditions, the implementation of its new strategy and my be hit by "ongoing restructuring and rationalisation." The Australian's Blair Speedy says: "While this looks like a turnaround at Pacific Brands, a rebound of net profit back into the black - in line with forecasts - is undermined by the continued decline in sales. New CEO John Pollaers still has it all to do, with sales in the opening months of the second half also trending downwards. 'Earnings outcomes will be largely dependent on market conditions' is not an encouraging outlook statement. Here's the numbers. If you prefer your profits delivered alongside ladies in quality Australian underwear, there's always the results presentation. Blair's bringing you the lastest snippets from the results call. Check them out below: There are encouraging signs, but further performance improvement is required, Pollaers says, we still have a way to go. Pollaers says workwear sales fall merely cyclical, brands remain market leaders and category is being targeted for growth. He says turnaround will take time, will target online, overseas for sales growth. Credit Suisse's Grant Salifari says the full-year profit is underwritten by gross margin increases that are unlikely to be replicated to the same level in FY14. "To make a stronger investment case, PBG needs a way to stem losses in sales revenue otherwise it will continue to be beset by deleveraging on its cost base," he reckons. Shares were up by more than 6 per cent early at 77 cents. BSL, previous close $3.77 H1 net loss of $12 million, compared to $530 million net loss last year. Underlying profit $10 million, up from a $136 million loss. Sales revenue down 17 per cent after cutting loss-making exports. BlueScope says Nippon JV on track for completion at the end of March, predicts a small underlying profit in the second half. MD Paul O'Malley says the result is "encouraging." A bit of context courtesy of AAP: The previous corresponding period's loss was a result of massive restructuring within the business, including job cuts, aimed at overcoming the impact of the high Australian dollar and strong competition from overseas. BlueScope has cut more than 1,000 jobs after making two consecutive $1 billion annual losses, due to a range of economic factors that have hit the Australian steel market and forced the company to end its export operations. All is not lost, though, the wire reports: The company said it expected continued improvement in its underlying profit in the second half of the financial year, forecasting a small profit for the period. The Australian's Matt Chambers says: "BlueScope has done well to turn a small underlying profit after recent restructuring in the all-too-obviously tough manufacturing environment in Australia. The result was helped by low iron ore and coking coal prices but BlueScope is still forecasting a second-half profit despite rebounding iron ore prices. The result shows BlueScope weathering tough times but the company really needs some improvement in Australian conditions to bring in healthy profits. Shares were up almost 8 per cent early at $4. H1 net profit $238 million, up 16.3 per cent Surging Aussie dollar wiped $20m from the profit number. Dividend 19.5 cents per share CEO Ken MacKenzie says the outlook is unchanged from August's FY results, with the company on track to deliver another year of higher underlying profits. Underlying H1 profit up 6 per cent to $322 million. The Australian's Lisa Macnamara says: "Amcor's net profit result came in above expectations. Macquarie analysts were expecting a first half net profit of $318m, up 4 per cent on the prior corresponding period. Amcor's results come after it opened a $500m recycle paper mill in Sydney - the largest capital investment in the company's history - which it says will deliver $50m in cost savings a year. The mill will produce 400,000 tonnes of paper annually for its corrugated carton plants across the country. The packaging giant is looking to slash costs and roll out online, on-demand services and offering shelf-ready salutations for supermarket products from the new plant. The company has continued to dominate Australia's flexible packaging market and its share price has outperformed the market over the past 12 months as it has worked towards bedding down its 2009 $2.5 billion acquisition of Alcan Packaging while it is also integrating its $238m acquisition of Aperio. Shares were up almost 3 per cent early at $9.17. FY net profit down 57.4 per cent to $US68.2 million Final dividend cut to 1 cent per share, down from 5.6 cents last year. Richard O'Brien named as chief executive. Who's Richard O'Brien? For the full details, click here. But in short, he's been the the CEO of NYSE-listed Newmont Mining Corp, a big gold producer, for the past six years. Before that, he was Newmont's CFO, and has worked for various energy services and utilities companies in the US. Boart's also named a new chair: Barbara Jeremiah, starting March 1. Ms Jeremiah has been on Boart's board since october 2011. David McLemore, who's been standing in as chairman and CEO since Boart ousted Craig Kipp last October, will stay on the board. Company says gobal outlook for mining services still uncertain but rig use and drilling products order backlog have stabilised, cost cutting is continuing. Some helpful background from Rhiannon Hoyle at Dow Jones Newswires: Boart has come under pressure as some of the world's largest resources companies trimmed their capital expenditure budgets. At the same time, concerns over the outlook for commodity prices and demand put a squeeze on margins. Companies like Rio Tinto and BHP Billiton have been forced by weaker prices to slash costs, including reducing spending on exploration and postponing new mines, after years of heavy investment in expanding mines. Rio last week swung to its first full-year loss, and is chasing more than US$5 billion in savings by the end of next year. In December, Boart announced it had cut $US70 million of overhead costs from the business in a three-month period, and had reduced its global headcount by 2200 since mid-year. The company also decided to relocate its manufacturing operations in Perth, Western Australia, mostly to an existing facility in Poland as part of its cost-cutting exercise. The Australian's Lisa Macnamara says: "Boart's full-year underlying ebitda of $322m came in above consensus of $312m and slightly above the company'sown forecasts of between $310m and $320m. The drilling services company twice downgraded its guidance last year after failing to move quickly enough with staff cuts. Analysts liked what they saw this morning. "The outlook commentary is positive," says Deutsche Bank's Craig WongPan. They've said that all indications show conditions in key markets have stabilised and their guidance for 2013 is in line with guidance so on that basis it's a good result and I think the market will like it. Shares were down 4.7 per cent at $2.04 early. H1 cash profit up 4.4 per cent at $169.7 million, net profit at $189.4 million, triple last year's number. It beat expectations of $168.8 million according to analysts surveyed by DJN. Net profit is $189.4 million, up from $59.9 million. Last year's number was down after the bank wrote down the value of its margin lending business. MD Mike Hirst says the outlook is subdued, given the fact that Australians are reluctant to borrow, instead stashing their cash in savings accounts - cash that the banks are competing fiercely to attract. Some context from Caroline Henshaw at Dow Jones Newswires: Like Australia's other regional lenders, Bendigo has struggled to win customers from the nation's major banks as funding costs have risen and tougher competition has forced it offer higher returns on deposits. There is also concern among some investors that is has not set aside enough provisions for bad commercial property loans on its books, despite efforts to raise more capital last year. Still, analysts say smaller lenders may be gaining ground as the bigger banks have annoyed some home-loan customers by passing on only part of a year-long string of interest-rate cuts by the central bank. The country's securitisation market has also grown in recent times, providing a cheaper source of funding for local banks. Bad debt expenses rose to $32.1 million in the first half, compared with $16.6 million in the January-to-June half, the bank said. The Australian's Michael Bennet: "The market will likely take Bendigo and Adelaide Bank's first-half result in its stride, with cash earnings of $169.7 million about in line with consensus. Deutsche Bank wanted $172.8m, but Credit Suise was only hoping for $167.2m. A pleasant surprise may come from the 10 basis point improvement in net interest margin, to 2.18 per cent, outstripping CBA's four basis point lift and helped by mortgage repricing and easing pressure on deposits. Like ANZ's Mike Smith, Bendigo boss Mike Hirst painted an uninspiring picture of economic conditions as credit growth remains soft. A 1.7 per cent uptick in operating expenses shouldn't worry the market too much, which is valuing the bank at an 11 per cent discount to its major peers, larger than the four-year average. Full report is here. The stock was up 3 per cent early at $10.15. H1 net profit up 38.8 per cent at $302.3 million. Interim distribution 22 cents per security. The Australian's Sarah Danckert says: "Lend Lease has topped market expectations, delivering a 23 per cent lift in operating profits before tax for the half, as the first profits flowed through from the company's $6bn Barangaroo project. That flow of money masked a weaker performance in the company's residential business, as sale volumes remained low despite interest rate cuts during the half. Also crimping the profit rise was a fall in profits from the company's construction business to $94m, due to the timing of a number of the company's projects. However, a series of major contract wins in its Australian construction business over the half saw backlog revenue grow to $10.3bn over the six months to December 31, up from $9.2bn at June 30 - a result that will likely please analysts. Globally, Lend Lease - which has business in Asia, America, the UK and Europe - has a construction revenue backlog of 17.8bn. Boart wasn't alone in slipping out some serious executive reshuffling alongside the profits announcement. Lend Lease said David Saxelby had been promoted from COO of construction and infrastructure and head of Abigroup to CEO of construction and infrastructure in Australia. Dale Connor will move from MD of project management and construction in the US to Mr Saxelby's COO job. Mark Menhinnitt, whose job Saxelby is taking, will "assist with the transition" before assisting group CEO Steve McCann with "group strategy and indentification and development of new business opportunities." Mr McCann said that the timing of the changeover was "in line with the group's business planning cycle." The full announcement's here. Make of that what you will. Shares were down 2.2 per cent at $10.45 in early trade. H1 net profit down 5 per cent to $36.29 million. Revenue up 11 per cent to $633.34 million. Pre-tax net underwriting result down 8.6 per cent to $39.1 million due to higher claims costs and one-off expenses. Fully-franked interim dividend 5 cents per share, up from 4.25 cents last year. Shares were down just under 10 per cent at $2.05. SFH, 95 cents H1 profit triples to $17.97 million Fully-franked interim dividend of 2 cents per share Revenue up 1.3 per cent to $311.2 million Specialty attributes the massive improvement in profit to its aggressive pursuit of online sales, supply chain improvements and a strict focus on cost inflation. The company's still twitchy about the macroeconomic outlook, saying that a continued downturn "may adversely influence consumers' propensity to spend on discretionary items." And in other news, bears and woods etc. The Australian's Blair Speedy says: "Tripling net profit - albeit off a low base - is not as impressive as the 1.3 per cent increase in sales and surge in online, which now accounts for 3.6 per cent of total revenue, around double the market average. Gross margins at record highs and growing. CEO Gary Perlstein is clearly not taking the lacklustre market conditions lying down. Investors clearly agree. The stock was up 5.3 per cent at $1.