Investing.com - Zip Co Ltd (ASX:ZIP), the payment platform, has made a significant turnaround from steep losses, reporting a net profit of $73 million for the first half. This comes as transaction volumes through its buy now, pay later (BNPL) system increased almost 10% to $5 billion, while bad debts remained stable at 1.9% of sales.
The number of merchants accepting Zip increased by 9.3% to 76,200, with a slight rise in active customers to 6.3 million. US sales and overall revenue hit record levels, with the latter up 29% on a wider margin.
Zip also made notable strides in balancing its financials, reducing its outstanding senior convertible notes from $290 million midway through last year to $34.6 million. The company, which had to prioritize returns over growth amidst rising interest rates, is now cash EBTDA positive. The reported net profit for this half represents a significant turnaround from a $205 million loss during the same period a year ago.
Meantime, Cooper Energy Ltd (ASX:COE) announced that its production, revenue, and underlying earnings for the first half of the year have reached record levels.
The group's production saw a marginal increase of 0.5%, reaching 60.8 TJe/d. Meanwhile, revenue experienced a more substantial climb of 5%, amounting to $105.9 million. Underlying earnings before interest, depreciation, amortisation, and exploration also rose by 2%, hitting $60.9 million.
The company's Chief Executive, Jane Norman, stated that the ongoing improvement of the business' underlying performance is fuelling its growth. She also pointed out that the performance enhancement initiatives at the Orbost Gas Processing Plant have particularly contributed to the record performance across several key metrics for the half
Finally, Retailer City Chic Collective Ltd (ASX:CCX) reported a four-fold increase in statutory losses to $21 million in the first half of fiscal 2024, compared to the same period a year ago, and withheld a dividend as sales saw a downturn. City Chic reported an underlying EBITDA loss of $7.5 million. The group cited uncertain trading conditions but expects to trade profitably in the second half due to a marketing program and cost reductions.