Colonial Motor Co reports a 5.2% dip in 1H profit

Article – BusinessDesk

Feb. 21 (BusinessDesk) – Colonial Motor Co reported a 5.2 percent drop in first half profit and while it was guardedly positive about the immediate future it signaled several risks. Read more »

Caltex cuts dividend to pay for Gull acquisition

Article – BusinessDesk

Feb. 21 (BusinessDesk) – ASX-listed Caltex Australia has reported a 17 percent jump in annual profit despite revenue dropping, and is looking to regional expansion with its acquisition of Gull New Zealand the first step. Read more »

Comvita turns to a first-half loss

Article – BusinessDesk

Feb. 21 (BusinessDesk) – Comvita, the manuka honey company, turned to a loss in the first half of its financial year after Chinese authorities cracked down on people selling its products through informal trading channels. Read more »

NZOG sees more potential in deepwater Barque prospect

Article – BusinessDesk

Feb. 21 (BusinessDesk) – New Zealand Oil & Gas, which is hunting out new investment opportunities, is in talks with prospective partners for the deepwater Barque prospect off Oamaru’s coast after almost trebling the size of what a successful find could … Read more »

UPDATE: Mercury reports 53% jump in 1H net profit

Article – BusinessDesk

Feb. 21 (BusinessDesk) – Mercury NZ increased first-half profit 53 percent, bolstered by favourable North Island hydro conditions and lifted its full year guidance. Read more »

Tourism Holdings lifts 1H profit 38%

Article – BusinessDesk

Feb. 21 (BusinessDesk) – Tourism Holdings, the campervan rental company, lifted first-half profit 38 percent with strong tourist demand in New Zealand and Australia, and said it will at least deliver its forecast annual profit of $27 million. Read more »

Heartland lifts first-half profit, ups share purchase plan

Article – BusinessDesk

Feb. 21 (BusinessDesk) – Heartland Bank increased first-half profit 14 percent as the NZX-listed lender’s loan book grew at the same time as it benefited from cheaper funding costs. Read more »

Wrightson profit growth stalls in first half

Article – BusinessDesk

Feb. 21 (BusinessDesk) – PGG Wrightson’s profit growth stalled in the first half, which the rural services company blamed on low prices for dairy and wool and reduced production of red meat which had made farmers more cautious about spending. Read more »

Mercury 1H profit jumps 53%, lifts full year guidance

Article – BusinessDesk

Feb. 21 (BusinessDesk) – Mercury NZ increased first-half profit 53 percent, bolstered by favourable North Island hydro conditions and lifted its full year guidance. Read more »

NZ dollar little changed with US holiday

Article – BusinessDesk

Feb. 21 (BusinessDesk) – The New Zealand dollar was little changed, getting little overnight impetus with the US on holiday, and may decline if dairy prices fall at tonight’s auction and expectations firm for interest rate hikes by the Federal Reserve. Read more »

Chorus on drive to upgrade ADSL copper line customers

Article – BusinessDesk

Feb. 20 (BusinessDesk) – Chorus is boosting efforts to switch customers using ADSL copper-based broadband services to faster VDSL or fibre technology as it faces increasing competition to its telecommunications network. Read more »

While you were sleeping: Unilever stock drops

Article – BusinessDesk

Feb. 21 (BusinessDesk) – European equities moved higher as gains in bank stocks offset a drop in Unilever shares after Kraft Heinz abandoned its bid to combine the two companies. Read more »

English criticises Super Fund CEO’s pay rise

Article – BusinessDesk

Feb. 20 (BusinessDesk) – Prime Minister Bill English has criticised the board of the New Zealand Superannuation Fund for lifting its chief executive’s pay 36 percent last year, and suggested there could be a shakeup in how CEOs of the largest state … Read more »

NZ dollar slips in tussle

Article – BusinessDesk

Feb. 20 (BusinessDesk) – The New Zealand dollar fell in subdued trading as traders looked ahead to the GlobalDairyTrade auction this week and the release of minutes of the latest Federal Reserve meeting. Read more »

High Court rules Dotcom, co-accused eligible for extradion

Article – BusinessDesk

Feb. 20 (BusinessDesk) – Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the USnited States, New Zealand’s High Court ruled in a judgment published today. Read more »

MARKET CLOSE: NZ shares mixed, gains for Auckland Airport

Article – BusinessDesk

Feb. 20 (BusinessDesk) – New Zealand shares were mixed with Auckland International Airport and Spark New Zealand gaining while Chorus and Sky Network Television dropped. Read more »

NZ services sector sees growth in January

Article – BusinessDesk

Feb. 20 (BusinessDesk) – Activity in New Zealand’s services sector, which accounts for about two-thirds of the economy, rose last month to a near-record, with ongoing strength in wholesale, retail and hospitality. Read more »

NZ Steel returns to profit in first half

Article – BusinessDesk

Feb. 20 (BusinessDesk) – A cost reduction drive, higher global steel prices, and synergies between recently acquired Pacific Steel and the New Zealand Steel plant at Glenbrook have seen a strong return to operating profit for Australian steelmaker … Read more »

Kiwibank first-half profit falls 13% on funding

Article – BusinessDesk

Feb. 20 (BusinessDesk) – Kiwibank Banking Group, the state-owned lender, posted a 13 percent drop in first-half profit as the costs of funding, infrastructure investment and the Kaikoura earthquake weighed on earnings. Read more »

NZ producer input, output prices still lifted by milk prices

Article – BusinessDesk

Feb. 20 (BusinessDesk) – New Zealand producer input and output prices rose in the fourth quarter once again lifted largely by rising milk prices. Read more »