Fraser Beattie

Perth-based vehicle retailer Automotive Holdings Group has sold three of its east coast properties to trusts managed by Charter Hall, for $50.5 million.

Marine services business MMA Offshore is predicting a tough year ahead after posting a net loss of $51.3 million for the 2015 financial year, on the back of a $125 million impairment flagged last month.

Monadelphous Group says it will be looking to reduce costs to weather the current market conditions, with the company announcing a 23.6 per cent slide in net profit for the 2015 financial year, to $105.8 million.

Mineral sands miner Iluka Resources has lifted its first-half profit by 74 per cent, to $20.4 million, on the back of a weaker Australian dollar.

Sirius Resources has sold off all of the nickel and copper it plans to produce out of its Nova mine in the first three years, after signing an offtake agreement with Glencore today.

Shares in VDM Group were up 125 per cent on news it had attracted a new cornerstone investor for an $18 million capital raising, highlighting the company’s planned shift from construction to mining.

Naracoota Resources has announced plans to exit mining and enter the tech sphere through the reverse takeover of a health informatics company backed by Perth technology entrepreneur Nathan Buzza, in a deal worth $12.4 million.

Pluton Resources has formed a royalty payment plan with the state government and is seeking funding to meet ongoing debt repayments.

Rail operator Aurizon has cut the capex estimate of its West Pilbara iron ore project by 25 per cent to $4.5 billion, while also announcing a 15 per cent rise in underlying net profit to $604 million for the 2015 financial year.

A new iron ore mine proposed by BHP Billiton, and revisions to conditions placed on Rio Tinto’s Marandoo iron ore project near Tom Price, have been recommended for approval by the environmental watchdog.

Monadelphous Group and Tempo Australia have won more work on the Chevron-operated Gorgon gas project on Barrow Island.

Mining giant BHP Billiton has contributed about half a million dollars towards the construction of a walk trail on Rottnest Island, making it the largest contribution to the island by a corporate entity.

RCR Tomlinson has negotiated a $10.4 million purchase deal for Water Corporation’s engineering and construction services business that includes $130 million in guaranteed work over the next three years.

Vehicle retailer Automotive Holdings Group is confident a downturn in Australia's mining boom will not hurt its profit growth.

Investors have welcomed the results of a pre-feasibility study on Carbine Resources’ Mount Morgan gold and copper project, conducted by GR Engineering Services, which found it to be a potentially low-cost and viable operation.

A planned backdoor listing by technology company Yatango, which was backed by top-shelf advisers and boasted iiNet founder Michael Malone as one of its directors, has fallen through after being hit by tough market conditions and a run-in with the corporate regulator.

Local explorer NSL Consolidated has tapped one of its foreign investors for a $5 million loan to fund construction of its phase two Kurnool iron ore wet plant in India.

Fitzroy Resources has announced plans to wholly acquire Californian technology company 4D-S, in a backdoor listing valued at about $7.7 million.

Shares in local gold miner Millennium Minerals closed 13.7 per cent higher today on news it had increased its projected gold production by 11 per cent while lowering costs.

A report by the auditor general has found the state government’s Pilbara Underground Power Project will cost nearly double the original estimate and be completed six years behind schedule because of poor planning and management.

Business News 2015 Rising Stars winner International Maritime Services has won a $2.7 million contract to provide its services to a United Arab Emirates-based vessel over a one-year term.

Bankwest has announced an 11 per cent rise in cash net profit to $752 million for the year to June 30, while its parent company Commonwealth Bank of Australia unveiled a record $9.15 billion cash profit.

Qantas will operate an additional 140 international flights from Brisbane, Sydney and Perth airports during the upcoming summer holiday season, including offering daily flights between the WA capital and Singapore.

Wesfarmers has promoted Rob Scott to managing director of a new industrials division created through the combination of its three non-retail operations.

The ASX-listed investment vehicle of Brisbane company National Storage has teamed up with local business Parsons Group to construct five new self-storage centres in Perth.

Mongolia-focused miner Tian Poh Resources has announced plans to buy a thermal coal project from Modun Resources for $US2.21 million ($A3 million) and undertake a capital raising to fund the acquisition.

Local minerals explorer IMX Resources has announced plans to delist from the Toronto Stock Exchange due to a lack of demand for its shares in the Canadian market.

The head of Leighton Contractors’ west division has been poached by Brisbane-based construction company Seymour Whyte as its new chief executive.

Financial planning technology group Decimal Software has won a contract to supply its services to Centrepoint Alliance for an undisclosed sum.

Local oil and gas explorer 88 Energy has received firm commitments for a $12 million capital raising to fund ongoing work at its Icewine project in Alaska.

One of the state’s largest Aboriginal trusts is being forced to further tighten its belt as its royalties from Rio Tinto’s Yandi iron ore project continue to fall.

The engineering arm of property and infrastructure group Lendlease has won a $96 million contract to build BHP Billiton’s new tug harbour at Hunt Point in Port Hedland.