Alarm bells sound for Australia’s private credit market
On Tuesday, Bathla Group — one of western Sydney’s biggest home builders — entered voluntary administration after running out of cash, leaving $3.6 billion in private‑credit debt, 2000 homes mid‑construction, and 15,000 planned dwellings in limbo. The failure threatens to disrupt the Albanese government’s national housing targets and could trigger major losses across dozens of non‑bank The post…
Australia's Lynas Rare Earths reported a significant increase in annual profit on August 25, driven by record average selling prices for rare-earths oxide and strong demand, though it fell short of market expectations, causing its shares to decline in early trading. The world's largest rare-earths producer outside China attributed the surge to solid prices and agreements with Japanese and US customers, which minimized price volatility.
Lynas' average selling price for its product rose by 59 percent to $80.7 per kg, boosted by enhanced pricing for neodymium-praseodymium and a larger share of heavy rare-earths sales. "Demand for rare-earth permanent magnets outside China markets remains robust, and Lynas is concentrating on optimizing its production assets to meet customer needs today and tomorrow," stated interim CEO Pol Le Roux.
Despite strong demand, Lynas' net profit after tax for the year ended June 30 was A$222.4 million (US$159.37 million), falling short of the Visible Alpha consensus estimate of A$242.5 million. The company is also searching for a new global chief executive officer, with further announcements to follow. Lynas' shares dropped by up to 2.7 percent to A$16.14, while the S&P/ASX 200 index rose by 0.2 percent.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Australia’s Lynas posts sharp rise in annual profit, but misses market estimates businesstimes.com.sg
