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BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
BusinessDesk - Latest News [Page 1213]
UPDATE: Port of Tauranga 1H profit rises on volume gains, C3
Thursday, 21 February 2013, 12:41 pm | BusinessDesk
UPDATE: Port of Tauranga 1H profit rises on volume gains, C3 sale, retains FY guidance More >>
MIDDAY UPDATE: Manufacturers feel the pain in earnings
Thursday, 21 February 2013, 12:28 pm | BusinessDesk
Feb. 21 (BusinessDesk) - Manufacturers Skellerup Holdings and Nuplex Industries were punished by disappointed investors today after unveiling interim earnings that fell short of analysts expectations and cutting their forecasts for annual profit. More >>
AMP's NZ FY profit flat, plans to ditch Axa brand in March
Thursday, 21 February 2013, 12:05 pm | BusinessDesk
Feb. 21 (BusinessDesk) - AMP's financial services unit in New Zealand reported flat annual earnings as rising insurance claims offset gains in its wealth management businesses. The local unit will stop using the Axa brand from the end of next month. More >>
Vector 1H result up 10.8 percent in flat economy
Thursday, 21 February 2013, 11:52 am | BusinessDesk
Feb. 21 (BusinessDesk) – Vector, the Auckland-based electricity, gas and telecommunications network operator, turned in a 10.8 percent improvement in tax-paid profit for the six months to Dec. 31, earning $118 million, but expects a tougher second half as ... More >>
Port of Tauranga rewards investors with 1H dividend hike
Thursday, 21 February 2013, 11:45 am | BusinessDesk
Feb. 21 (BusinessDesk) – Port of Tauranga lifted its first-half dividend by 66 percent after posting record earnings on increased volumes export volumes of dairy products, meat and logs. The company affirmed its full-year guidance. More >>
1H profit shows mixed picture for MRP as partial sale nears
Thursday, 21 February 2013, 10:54 am | BusinessDesk
Feb. 21 (BusinessDesk) - MightyRiverPower's last earnings statement before its likely partial privatisation show a mixed picture of falling domestic revenues and problems with its international geothermal investments, but increases in both net profit after ... More >>
Summerset shares fall 3.5% as Hobsonville consent declined
Thursday, 21 February 2013, 10:45 am | BusinessDesk
Feb. 21 (BusinessDesk) - Shares in Summerset Group fell 3.5 percent after Auckland Council turned down the retirement village operator and developer's application to build a new village in Hobsonville, a decision it plans to appeal. More >>
Diligent mulls report on executive options
Thursday, 21 February 2013, 10:24 am | BusinessDesk
Feb. 21 (BusinessDesk) – Diligent Board Member Services, whose shares have more than doubled in the past 12 months, says it is studying a report into stock options granted to chief executive Alessandro Sodi and other employees though it isn’t ... More >>
Skellerup shares sink 10% as 1H earnings fall, guidance cut
Thursday, 21 February 2013, 10:23 am | BusinessDesk
Feb. 21 (BusinessDesk) - Shares in Skellerup Holdings sank 10 percent after the industrial rubber goods maker reported an 18 percent slump in first-half profit, missing expectations, and cut its annual earnings forecast. More >>
Auckland Airport 1H profit rises 11% on domestic growth
Thursday, 21 February 2013, 10:00 am | BusinessDesk
Feb. 21 (BusinessDesk) – Auckland International Airport, the nation’s busiest gateway, posted an 11 percent increase in first-half profit and lifted its full-year guidance as growth in domestic passenger traffic made up for a decline in those from ... More >>
Nuplex 1H profit misses forecasts; annual guidance cut
Thursday, 21 February 2013, 9:42 am | BusinessDesk
Feb. 21 (BusinessDesk) - Specialty chemicals maker Nuplex Industries missed expectations as its net profit more than halved and the company cut its forecast for annual earnings, blaming the strength of the currency and weak trading conditions in Australia and ... More >>
NZ dollar extends drop after traders seize on ‘intervention'
Thursday, 21 February 2013, 8:56 am | BusinessDesk
Feb. 21 (BusinessDesk) – The New Zealand dollar extended its slide from yesterday when Reserve Bank governor Graeme Wheeler outlined possible responses to a high kiwi and traders latched onto his use of the word intervention. The kiwi didn’t move ... More >>
High kiwi dollar stole $5M gains from Tenon efficiency drive
Thursday, 21 February 2013, 8:56 am | BusinessDesk
Feb. 21 (BusinessDesk) - Finished wood products manufacturer Tenon says it's on the cusp of profitability as the prolonged slump in the US housing market comes to an end, but its cost-cutting and efficiency investments in New Zealand have been completely ... More >>
Snakk to list next month, boosts 1H sales 48 percent
Thursday, 21 February 2013, 8:54 am | BusinessDesk
Feb. 21 (BusinessDesk) - Snakk Media, the latest brainchild of Hyperfactory co-founder Derek Handley, will list next month on the stock exchange's small-cap bourse as a pre-cursor to a capital raising. More >>
Westpac NZ 1Q underlying earnings rise 9.7 percent
Thursday, 21 February 2013, 8:06 am | BusinessDesk
Feb. 20 (BusinessDesk) - Westpac Banking Corp's New Zealand unit lifted first-quarter earnings 9.7 percent as it widened its interest rate margins, although its bottom line was eroded by unrealised changes in the value of its financial instruments. More >>
While you were sleeping: Wall Street flags
Thursday, 21 February 2013, 7:51 am | BusinessDesk
Feb 21 (BusinessDesk) – The Standard & Poor's 500 Index retreated from a five-year high as disappointing US housing numbers failed to offer confidence. More >>
MARKET CLOSE: NZ shares fall on Fletcher result; FPH gains
Wednesday, 20 February 2013, 6:03 pm | BusinessDesk
Feb. 20 (BusinessDesk) – New Zealand shares fell, led by Fletcher Building after the biggest company on the NZX 50 Index posted first-half earnings highlighting tough times in Australia. Fisher & Paykel Healthcare jumped after unexpectedly lifting ... More >>
CORRECT: Fletcher strategy under scrutiny seeking $70M gain
Wednesday, 20 February 2013, 5:12 pm | BusinessDesk
Feb. 20 (BusinessDesk) – Fletcher Building chief executive Mark Adamson, in the job for just four months, has embarked on a review of the company’s business model aiming to find $70 million a year in additional earnings from centralising operations. More >>
NZ dollar sinks after Wheeler outlines intervention criteria
Wednesday, 20 February 2013, 5:08 pm | BusinessDesk
Feb. 20 (BusinessDesk) - The New Zealand dollar shed more than half a US cent after Reserve Bank governor Graeme Wheeler outlined the central bank's criteria to intervene in currency markets, and said he was prepared to act when those were met. More >>
Kiwi falls on dollar speech from RBNZ's Wheeler
Wednesday, 20 February 2013, 4:39 pm | BusinessDesk
Feb. 20 (BusinessDesk) - Reserve Bank governor Graeme Wheeler has told manufacturers he will intervene in currency markets if the circumstances will let him smooth the peaks and troughs, though he can't set the level of the currency. The kiwi dropped ... More >>
