Archive for the 'Article' Category

TSB Bank writes off $53.9 mln Solid Energy debt

Article – BusinessDesk

Feb. 27 (BusinessDesk) – TSB Bank, the Taranaki community-owned bank, has written off the remaining $53.9 million debt exposure it had to stricken state-owned coal miner Solid Energy as the prospects of getting repaid deteriorate. Read more »

PGC posts 1H loss, writes down Perpetual receivable

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Pyne Gould Corp, whose 2014 accounts are being looked into by the market regulator, reported a first-half loss as it was hit with foreign exchange adjustments and losses from its subsidiaries, and wrote down the value of what it … Read more »

MARKET CLOSE: NZX 50 rises to a record; Genesis, PFI gain

Article – BusinessDesk

Feb. 27 (BusinessDesk) – New Zealand shares rose paced by Genesis Energy and Property For Industry, on good sentiment around the local economy and demand for dividend paying stocks. Xero fell as investors took the chance to crystallise profits from … Read more »

NZ dollar heads for 0.4% weekly gain; USD poised to rise

Article – BusinessDesk

Feb. 27 (BusinessDesk) – The New Zealand dollar is heading for a 0.4 percent gain against the greenback this week, ahead of what might be an extended rally for the US currency as the prospects for the world’s biggest economy remain strong. Read more »

Fonterra’s Glencoal says Waikato mine delayed, not on hold

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Fonterra Cooperative Group subsidiary Glencoal has denied suggestions it has put its plans for an open cast mine in the Waikato on hold indefinitely following public opposition. Read more »

Solid Energy delays 1H report on weaker coal price forecast

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Solid Energy, the state-owned coal miner whose chair Pip Dunphy stepped down this week, will delay reporting its first-half accounts, saying forward pricing for coal may impact on its ability to meet debt repayments when they … Read more »

Bathurst sinks into the red in 1H, waiting for coal price

Article – BusinessDesk

Bathurst sinks into the red in first-half, still waiting for coal price to turn around Read more »

NZ business confidence gains in Feb as ag sector gets happy

Article – BusinessDesk

Feb. 27 (BusinessDesk) – New Zealand business confidence improved in February as recent gains in dairy prices turned sentiment around in the agriculture sector, and as low interest rates stoke hiring and investment expectations. Read more »

Countdown boosts 1H earnings 2.9% on cost cuts, volume gains

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Countdown, the New Zealand supermarket chain owned by Australian retailer Woolworths, increased first-half earnings 2.9 percent as it cut costs and boosted volumes to compensate for lower prices. Read more »

UPDATE: US wine-drinkers trading up, Delegat says

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Consumers trading up to premium wine and an improved economy is behind a 19 percent boost in North American sales to 425,000 cases for New Zealands largest listed wine company, Delegat Group. Read more »

Marsden Maritime posts 5.7% gain in 1H profit

Article – BusinessDesk

Marsden Maritime posts 5.7% gain in 1H profit, expects FY earnings in line with last year Read more »

Precinct raises $73.6 million from instos in capital raising

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Precinct Properties New Zealand, the property investor rebalancing its portfolio to Auckland, has raised $73.6 million from institutional investors ahead of its retail offer to fund a major development in the country’s largest city. Read more »

NZ building consents fall for a second month in January

Article – BusinessDesk

Feb. 27 (BusinessDesk) – New Zealand residential building consents declined for a second month in January, with new housing permits falling at their sharpest pace since August. Read more »

Transpower hikes 1H dividend, warns of regulatory threat

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Transpower, the state-owned operator of the national electricity grid, hiked its first-half dividend to the government as revenue gained on the completion of its major upgrade, but is warning earnings and future payouts could be hit by … Read more »

Allied Farmers posts 1H profit, warns on 2H dairy sales

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Allied Farmers, which is rebuilding after taking over the failed Hanover and United Finance loan books, turned to a profit in the first-half as its livestock division exceeded expectations but flagged second half sales may … Read more »

Delegat posts 45% drop in 1H profit despite rising sales

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Delegat Group, New Zealands largest listed wine company, has posted a 45 per cent drop in first-half profit, mainly caused by a $10.7 million writedown of its vines and grapes and losses on derivative instruments used to limit … Read more »

Orion CFO Hyde to leave after company report earnings in May

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Rodney Hyde, chief financial officer of Orion Health Group, has resign from the newly listed healthcare management software firm some three months after it joined the NZX. Read more »

Vista annual profit falls less than forecast as sales climb

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Vista Group International, the cinema software and analytics company, reported a smaller drop in annual profit than forecast in last year’s offer document as sales climbed 55 percent on rapid growth in its core cinema software … Read more »

GPG annual profit drops 61% as 2013 asset sales wash through

Article – BusinessDesk

Feb. 27 (BusinessDesk) – Guinness Peat Group, which is rebranding to UK threadmaker Coats after exiting its other investments, reported a 61 percent drop in annual profit after asset sales bolstered its earnings the previous year. Read more »

NZ dollar slips after better-than-expected US data

Article – BusinessDesk

Feb. 27 (BusinessDesk) – The New Zealand dollar fell as the greenback advanced after better-than-expected US data on inflation and business orders bolstered confidence about the outlook for the world’s largest economy. Read more »

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