MARKET CLOSE: NZ stocks rise; Fletcher, Trade Me gain

Article – BusinessDesk

Aug. 20 (BusinessDesk) – New Zealand shares rose as Fletcher Building and Trade Me Group beat full-year profit guidance. Energy companies fell on weaker political polls ahead of next month’s election. Read more »

Colonial Motor Co FY profit soars 38% to record

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Colonial Motor Co, the car and tractor dealer, said annual profit rose 38 percent to a record amid growing sales of new vehicles. Read more »

South Port posts record annual profit as volumes rise

Article – BusinessDesk

Aug. 20 (BusinessDesk) – South Port New Zealand, the Bluff port operator, lifted annual profit 2.7 percent to a record as increased volumes of stock food and logs drove cargo growth. Read more »

Deutsche rates Xero a ‘sell’ with target price of $18.90

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Shares of Xero, the cloud-based accounting software firm, are overvalued on US growth prospects and have been rated a ‘sell’ by Deutsche Bank as it initiates coverage of the company. Read more »

F&P Healthcare lifts full-year profit guidance 3%

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Fisher & Paykel Healthcare raised its annual profit forecast by 3 percent, saying the New Zealand dollar is boosting the value of respiratory and breathing apparatus sold overseas. The shares rose to the highest in at least … Read more »

UPDATED: Fletcher to cut costs, protect margins in 2015

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Fletcher Building is counting on cost savings and a backlog of construction work in New Zealand to help drive earnings growth in 2015, which started from a lower base after the sale of assets and completion of major contracts. Read more »

First use of FMA power to exercise investor’s right to sue

Press Release – Chapman Tripp

The Financial Markets Authority ( FMA ) today filed civil proceedings under its new power to ‘stand in the shoes’ of another and exercise that person’s right to take action against a financial markets participant. Read more »

Acurity board tells shareholders to wait for takeover report

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Acurity Healthcare Group’s independent directors committee says Connor Healthcare is reviewing its takeover offer for the 29 percent of the company it doesn’t own, including the price, and that shareholders should wait for … Read more »

UPDATE: Trade Me profit growth slows in 2014

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Trade Me Group, New Zealand’s largest online auction site, posted slower profit growth for 2014 and warned earnings would remain “subdued” in the coming year as it reinvests in its business. Read more »

MRP exceeds prospectus forecasts as Heffernan signs off

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Tight cost control and reduced sales to commercial and industrial customers at low prevailing wholesale electricity prices were primary contributors to state-controlled electricity generator and retailer MightyRiverPower turning in … Read more »

Fletcher FY profit rises 4% as currency, charges mask growth

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Fletcher Building, the biggest company on the NZX 50 Index, posted a 4 percent gain in full-year profit, saying strong underlying earnings growth was masked by the impact of a high kiwi dollar and one-time charges against assets … Read more »

Trade Me profit growth slows in 2014

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Trade Me Group, New Zealand’s largest online auction site, posted slower profit growth for 2014 and warned earnings would remain “subdued” in the coming year as it reinvests in its business. Read more »

Pumpkin Patch chair Freeman joins Kiwi Income board

Article – BusinessDesk

Aug. 20 (BusinessDesk) – Jane Freeman, chair of childrenswear retailer Pumpkin Patch, has been appointed to the board of listed property investor Kiwi Income Property Trust’s manager. Read more »

MARKET CLOSE: NZ shares rise as kiwi falls; Fletcher gains

Article – BusinessDesk

Aug. 19 (BusinessDesk) – New Zealand shares rose, paced by companies with trans-Tasman exposure such as Fletcher Building, Westpac Banking Corp and Australian and New Zealand Banking Group, as the kiwi dropped versus the Australian dollar.. Read more »

IAG’s New Zealand unit boosts annual profit 56%

Article – BusinessDesk

Aug. 19 (BusinessDesk) – Insurance Australia Group’s New Zealand unit, the nation’s largest general insurer, boosted annual profit 56 percent after hiking household premiums, increasing customer sales through the internet and as a higher local currency … Read more »

Sir Ralph Norris to take up Fletcher chair in October

Article – BusinessDesk

Aug. 19 (BusinessDesk) – Sir Ralph Norris, the former head of Commonwealth Bank of Australia, will take the chair of Fletcher Building in October, replacing the retiring Ralph Waters. Read more »

Transpacific Industries returns to annual profit

Article – BusinessDesk

Aug. 19 (BusinessDesk) – Transpacific Industries Group, the Queensland-based waste-management company, returned to profit and will resume paying dividends after a six-year pause after using proceeds from asset sales to repay debt. Read more »

Pyne Gould says full-year profit fell to $20 mln

Article – BusinessDesk

Aug. 19 (BusinessDesk) – Pyne Gould Corp, the Guernsey-based asset management firm controlled by George Kerr, said full-year profit was less than half its result in 2013, when it took one-time gains from the sale of assets. Read more »

Talent pipeline is the key to correcting gender balance

Press Release – Equal Employment Opportunities Trust

Building a talent pipeline that fosters talented young women from early on in their careers is the key to gender balance at the most senior levels, according to EEO Trust Chief Executive Bev Cassidy-Mackenzie. Read more »

Blow for Chatham Rise phosphate mining bid

Article – BusinessDesk

Aug. 18 (BusinessDesk) – The Environmental Protection Authority says it cannot recommend in favour of a proposal to mine phosphate nodules from the seabed on the Chatham Rise, saying there are too many uncertainties about the environmental impacts of … Read more »

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