Article – BusinessDesk

UPDATE: Tourism Holdings shares at record on profit growth; CEO pleased but ‘far from complacent’

(Recasts, adds detail throughout) Read more »

Article – BusinessDesk

UPDATE: Genesis Energy rebrands, doubles profit from EnergyonLine

By Pattrick Smellie

Aug. 22 (BusinessDesk) – Genesis Energy has quietly launched a new brand identity at the same time as it released today’s earnings results for the year to June 30 as the country’s largest electricity provider by customer numbers seeks to enable customer control of energy use through emerging digital technologies. Read more »

Article – BusinessDesk

Tourism Holdings lifts FY profit to record $30.2mn, ahead of guidance

By Sophie Boot

Aug. 22 (BusinessDesk) – Tourism Holdings exceeded guidance, posting a record 2017 profit and said it aims to boost earnings to $50 million by 2020. Read more »

Article – BusinessDesk

ANZ Bank New Zealand wants at least $100M in five-year bond offer
By Paul McBeth

Aug. 22 (BusinessDesk) – ANZ Bank New Zealand wants to raise at least $100 million by selling five-year bonds, which will have a lower interest rate than what it’s offering term depositors. Read more »

Article – BusinessDesk

Genesis Energy delivers steady earnings in FY17

By Pattrick Smellie
Aug. 22 (BusinessDesk) – Genesis Energy, the country’s biggest electricity retailer by customer numbers, delivered steady full-year earnings, reflecting both positive and negative effects from swiftly changing South Island hydro-generation conditions in the last half of the year. Read more »

Article – BusinessDesk

Sky TV FY profit falls 21% as programme costs rise, subscription revenue drops

By Tina Morrison

Aug. 22 (BusinessDesk) – Sky Network Television, which dropped a merger plan with Vodafone New Zealand after it was rejected by the Commerce Commission, posted a 21 percent decline in annual profit as content costs increased, and revenue and subscriber numbers fell. Read more »

Press Release – BusinessDesk

Wet North Island winter, customer gains drive Mercury’s 15% profit growth

Aug. 22 (BusinessDesk) – Mercury Energy ran its North Island hydro generation hard while southern competitors suffered a dry winter, helping boost the Auckland-based electricity generator and retailer’s net profit in the year to June 30 by 15 percent, to $184 million. Read more »

Article – BusinessDesk

CORRECT: Vista buys controlling stake in Latin American reseller Senda for at least $684k

(Fixes headline and 2nd paragraph to reflect partial valuation on acquisition, updates share price in 3rd paragraph) Read more »

Article – BusinessDesk

Smiths City looks as expanding profitable finance unit, CEO Campbell says

By Paul McBeth

Aug. 21 (BusinessDesk) – Smiths City Group sees a “significant opportunity” in building out its high margin finance business and is weighing up options to expand its offering, says chief executive Roy Campbell. Read more »

Article – BusinessDesk

FMA expects to reach settlement with Prince and Partners Trustee Co shortly
By Rebecca Howard

Aug. 21 (BusinessDesk) – The Financial Markets Authority expects to shortly reach a settlement with Prince and Partners Trustee Co just as civil proceedings kick off in the Auckland High Court. Read more »

Article – BusinessDesk

UPDATE: Vodafone NZ back in black in hotly contested market

By Paul McBeth

Aug. 21 (BusinessDesk) – Vodafone New Zealand’s books were back in the black after three years in the red as the country’s biggest mobile operator boosted revenue in an increasingly competitive telecommunications sector. Read more »

Article – BusinessDesk

Nats and Labour go head to head on road vs rail
By Pattrick Smellie

Aug. 21 (BusinessDesk) – The contest of transport policies between the National and Labour parties has heated up again with Labour leader Jacinda Ardern announcing plans to introduce passenger rail services between Auckland, Hamilton and Tauranga a day after National outlined $10 billion of investment in new state highways. Read more »

Article – BusinessDesk

NZ Steel in A$100M profit turnaround, future more secure

By Pattrick Smellie

Aug. 21 (BusinessDesk) – Australian-owned New Zealand Steel achieved a A$100 million turnaround in underlying operating earnings in the year to June 30, following two years of deep cost-cutting, the sale of its Taharoa ironsands business, and a focus on domestic over export sales. Read more »

Article – BusinessDesk

Vodafone NZ back in black as sales tick up, finance bill shrinks

By Paul McBeth

Aug. 21 (BusinessDesk) – Vodafone New Zealand’s books were back in the black after three years in the red as the country’s biggest mobile operator boosted revenue in an increasingly competitive telecommunications sector. Read more »

Article – BusinessDesk

Vista buys controlling stake in Latin American reseller Senda for $684k

By Paul McBeth

Aug. 21 (BusinessDesk) – Vista Group International has bought a 60 percent stake in Mexico’s Senda Direccion Tecnologica, giving it control of the Latin American reseller of the cinema analytics firm’s services. Read more »

Article – BusinessDesk

Update: CBL shares fall 12% as reserves increase dents profit

(Updates to add market reaction, comment from analyst)

By Rebecca Howard Read more »

Article – BusinessDesk

Spark chases quantum leap in 2019 earnings in latest transformation

By Paul McBeth

Aug. 18 (BusinessDesk) – Spark New Zealand wants a “significant” increase in earnings from the 2019 June year after what will be a step up in the cost of its ‘Quantum Programme’ which it says will transform the country’s largest telecommunications company into the operator with the lowest costs. Read more »

Article – BusinessDesk

Steel & Tube annual profit drops 22% in ‘highly competitive’ construction sector

By Tina Morrison

Aug. 18 (BusinessDesk) – Steel & Tube posted a 22 percent drop in annual profit after the year-earlier earnings were boosted by a property sale. It reduced its dividend payment and said business performance hadn’t met its expectations. Read more »

Article – BusinessDesk

CBL says 1H earnings dropped 36% due to increased reserves

By Rebecca Howard

Aug. 18 (BusinessDesk) – Auckland-based credit surety and financial risk insurer CBL Corp says first half operating earnings fell 36 percent, largely due to a $16.5 million increase in CBL Insurance’s reserves to cover future claims, although revenue growth was still strong. Read more »

Article – BusinessDesk

UPDATE: Spark annual profit climbs 13% as sales tick up, chairman Verbiest signals exit
By Paul McBeth

Aug. 18 (BusinessDesk) – Spark New Zealand boosted annual profit 13 percent as the country’s biggest telecommunications company eked out small sales growth and continued its focus on stripping out costs, and signalled a changing of the guard with chairman Mark Verbiest planning to stand down in November. Read more »