Global growth is a story of contrasts between east and west. In China, the problem is too much growth and how best to cool the economy without dousing the fire too much. In the US and Europe, the approach is diametrically opposite with not enough growth and worries about falling back into recession, particularly in the US.

“Consumer malaise”, according to Austar’s chief executive, John Porter, caught up with Australians over the last year. The delayed reaction to the GFC has slowed subscriber growth in that time, even though the company has introduced its new high-definition set-top-box and other value-adding products. But the earnings and revenue of Austar are more attuned to the growth in revenue per subscriber rather than the absolute addition of new customers.

AWE’s June quarter production report showed a 47% increase to 1.65 million boe due the restart of the BassGas project. The full year production was therefore 6.1 million boe giving AWE a 10% increase in revenue to $86 million in the quarter and $354 million for the year. Good cost control helped operating profit rise slightly to $57 million. Average realised oil prices in the quarter were $84 per barrel.

Most production periods for the large diversified miners have one or two areas of weakness which is only to be expected. Where it counts, in its high margin businesses, BHP Billiton had a solid 2Q10 (4QFY10) and a good twelve months with lots of production records.

Oz Minerals delivered a healthy second quarter production report, once again displaying that the miner is a very different beast to the debt victim that so nearly collapsed in 2008. With each successive quarter of good performance this message becomes more ingrained in the broader market. Management’s recent strategic acquisitions (see FAT481 for details) also negate the market’s previous fears that the company’s hefty cash pile would be squandered on value destroying deals.

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