Archive for the 'Article' Category

Metlifecare lifts underlying annual net profit 4%

Press Release – BusinessDesk

By Jenny Ruth

Aug. 26 (BusinessDesk) – Metlifecare’s annual net profit fell 68 percent because of smaller gains in the fair value of its retirement villages but underlying profit was up 4 percent and underlying operating cash flow rose 2 percent. Read more »

Analysts pan Fletcher results, one comparing it to Fonterra

Article – BusinessDesk

By Jenny Ruth

Aug. 26 (BusinessDesk) – Fletcher Building managing director Ross Taylor’s hopes that the market will recognise his achievements to date have been dashed. Read more »

Paymark wins bid to keep some secrets from rival

Article – BusinessDesk

By Victoria Young

Aug. 23 (BusinessDesk) – A High Court judge has ruled against an attempt by the founder of locally owned Payment Express, Andy Cullen, to peruse confidential documents relating to its competitor, French-owned Paymark’s pricing and strategy as part of a “hard-fought” proceeding over anti-competitive tactics. Read more »

Vector profit slides 44% on struggling HRV writedown

Article – BusinessDesk

By Paul McBeth

Aug. 23 (BusinessDesk) – Vector reported a 44 percent slide in annual profit as the lines company wrote down the value of its HRV home ventilation unit, which has failed to fire since it was bought in 2017. Read more »

Skellerup reports record net profit powered by division

Article – BusinessDesk

Skellerup reports record net profit powered by industrial division
By Rebecca Howard

Aug. 23 (BusinessDesk) – Rubber goods maker Skellerup Holdings reported a record full-year net profit as its industrial division once again saw strong revenue growth. Read more »

FMA says ANZ should have reported Hisco house sale

Article – BusinessDesk

FMA says ANZ should have reported Hisco house sale in financial statements

By Jenny Ruth

Aug. 22 (BusinessDesk) – The Financial Markets Authority says ANZ Bank should have treated the sale of a house in Auckland to former chief executive David Hisco’s wife as a related-party transaction in the bank’s 2017 financial statements. Read more »

CORRECT: Cavalier Corp shares fall 16%

Article – BusinessDesk

CORRECT: Cavalier Corp shares fall 16% as it announces write-down
(Corrects to clarify forecast excludes the non-cash items in paragraph eight) Read more »

Cavalier Corp shares fall 16% as it announces write-down

Article – BusinessDesk

By Rebecca Howard

Aug. 22 (BusinessDesk) – Cavalier Corp shares fell 16 percent after it announced plans to write-down or impair the value of goodwill and various plant and equipment by as much as $9 million as it prepares to shift its strategic direction. Read more »

Twyford’s choice: NZTA or Super Fund for Auckland light rail

Article – BusinessDesk

By Paul McBeth

Aug. 22 (BusinessDesk) – Transport Minister Phil Twyford will decide early next year whether to use traditional government procurement to build a light rail network in Auckland, or bypass those processes with a New Zealand Superannuation Fund joint venture. Read more »

Auckland Airport boss warns against complacency

Article – BusinessDesk

Auckland Airport boss upbeat about future but warns against complacency
By Rebecca Howard

Aug. 22 (BusinessDesk) – Auckland International Airport chief executive Adrian Littlewood is upbeat about the future despite signs of softening traveller numbers, but warned against complacency. Read more »

NZ Shareholders’ Association to oppose directors’ fees

Article – BusinessDesk

NZ Shareholders’ Association to oppose Stride’s directors’ fee bump
By Jenny Ruth

Aug. 22 (BusinessDesk) – The New Zealand Shareholders’ Association says it will vote any proxies it holds against Stride Property and Stride Investment Management’s proposal to increase directors’ fees. Read more »

FIRST CUT: Higher fuel costs, soft demand hit Air NZ profit

Article – BusinessDesk

By Pattrick Smellie

Aug. 22 (BusinessDesk) – Air New Zealand saw tax-paid profit fall 31 percent in the year ended June 30 as the impact of sharply higher jet fuel costs, weakening global markets for air travel and the one-off costs associated with the recall of Rolls Royce engines from its Boeing 787-Dreamliners all combined to reduce earnings. Read more »

FIRST CUT: Auckland Airport earnings at top end of guidance

Article – BusinessDesk

By Rebecca Howard

The country’s largest airport reported an underlying profit after tax of $274.7 million for the year to June 30 versus $263.1 million a year earlier. The result was at the top end of its guidance of between $265 million and $275 million. Forsyth Barr had forecast $273.6 million. Read more »

Are Fletcher’s NZ earnings at the top of the cycle?

Article – BusinessDesk

Are Fletcher’s NZ earnings at the top of the cycle?

By Jenny Ruth

Aug. 21 (BusinessDesk) – Fletcher Building says activity in all parts of its New Zealand markets is “elevated’’ but its managing director doesn’t want to say whether current earnings should be viewed as top-of-the-cycle results. Read more »

Waitomo favours more open wholesale fuel contracts

Article – BusinessDesk

Waitomo favours more open wholesale fuel contracts

By Gavin Evans

Aug. 21 (BusinessDesk) – Waitomo Group says it would welcome greater freedom in fuel contracting proposed by the Commerce Commission, but it has doubts about the returns the regulator believes smaller retailers are making. Read more »

UPDATE: Fletcher directors enjoy pay rise as earnings fall

Article – BusinessDesk

By Jenny Ruth

Aug. 21 (BusinessDesk) – Fletcher Building’s managing director and other directors have all enjoyed pay increases despite the company’s earnings from core operations mostly falling and a precipitous drop in the share price. Read more »

Stable ETS important for Marsden Point

Article – BusinessDesk

By Gavin Evans

Aug. 21 (BusinessDesk) – The top-quartile emissions performance of the Marsden Point oil refinery is a national advantage and one the firm will be working to maintain when it enters the emissions trading scheme in 2023, chief executive Mike Fuge says. Read more »

Govt tells big cities: grow up and out

Article – BusinessDesk

Nimbys, carparks and the status quo under threat as govt tells big cities: grow up and out

By Pattrick Smellie Read more »

UPDATE: Mercury earnings fall less than expected

Article – BusinessDesk

UPDATE: Mercury earnings fall less than expected on geothermal offset
(Adds detail, broker comment from 6th paragraph)

By Paul McBeth Read more »

PFI cautious about new acquisitions

Article – BusinessDesk

By Paul McBeth

Aug. 19 (BusinessDesk) – Property For Industry is an interested, if cautious, buyer of industrial property in a market where rising valuations helped lift the firm’s first-half profit by 57 percent. Read more »

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