UPDATE 10.20am: Blood products and vaccine company CSL is to buy back another $900 million of its own shares and has maintained its guidance of 12 per cent full year profit growth.
The buyback is a continuation of the company's efforts to improve its capital strength, and will further improve its earnings per share performance.
CSL will buy up to $900 million in shares over 12 months from November 1, representing about 4 per cent of its total shares on issue.
The company began an identical buyback 12 months ago, which is currently 94 per cent completed with about $850 million worth of shares purchased.
"Through these buybacks, our shareholders benefit from improved investment return ratios, such as on earnings per share and return on equity,” chairman John Shine told CSL's annual general meeting.
CSL shares were up 70 cents, or 1.5 per cent, to $47.44 at $10.20.
Professor Shine also reiterated CSL's guidance of 12 per cent profit growth in the 2012/13 financial year.
"At the end of the first quarter of the current financial year, I can advise the company is trading consistently with our expectations,” he told the meeting.
"Our broad portfolio of products, ongoing product development and geographic reach continue to ensure our business remains well positioned."
CSL made a net profit of $982.6 million in the 2011/12 financial year, up 4.5 per cent from the previous financial year.Earnings per share growth in 2012/13 is expected to be stronger than profit growth, because of the newly announced buyback.
The new magazine for a new generation of West Australians.Click here to download »
All the latest market figures from Australia and the world.Click here »
'The West Australian' is a trademark of West Australian Newspapers Limited 2013.
All rights reserved.
Select your state to see news for your area.