Investors punished Synlait Milk shares after the dairy processor was forced to wind back the bullish profit forecast it gave in January because of disruptions from increased Chinese regulations on infant formula and unfavourable foreign exchange movements.… Full Story →
New Zealand-founded bio-fuels innovator LanzaTech has attracted US$60 million in its latest capital-raising round, including a US$20 million commitment from Japanese industrial conglomerate Mitsui, which will join the LanzaTech board.… Full Story →
Rakon, a maker of crystal oscillators used in smart phones and navigation systems, will liquidate its two-year-old Chinese factory if a plan to sell it does not go through.… Full Story →
Fairfax Media Group’s New Zealand unit, which includes the Dominion Post, Press and Sunday Star Times newspapers, reported a 15 percent decline in annual earnings, outperforming the company’s papers In Australian.… Full Story →
Punakaiki Fund, set up by Pacific Fibre co-founder and internet commentator Lance Wiggs, is seeking to raise up to $50 million to invest in early stage New Zealand technology, internet and design companies.… Full Story →
Auckland International Airport aims to grow earnings by up to 11 percent next year in a four-pronged plan that includes a coordinated effort to attract Asian visitors to New Zealand and develop the gateway’s land bank into the country’s “greatest” business hub.… Full Story →
Shares in Z Energy jumped 6.6 percent to near the top of its indicative price range in its NZX debut today, valuing the service station chain at $1.49 billion.… Full Story →
NZX, the market operator, doubled annual profit as it benefited from new listings, a surge in trading activity and fees for running market operations, more than making up for a drought-impacted NZX Agri division.… Full Story →
PGG Wrightson, the rural services company controlled by China’s Agria Corp, took a $321 million charge to write off goodwill from its 2005 merger while posting a decline in operating earnings in line with guidance on the effects of this year’s drought.… Full Story →
APN News & Media, the Australasian publisher of the New Zealand Herald newspaper, returned to profit in the first half of the financial year as it sold assets and clamped down on costs, and is mulling the sale of its underperforming brandsExclusive retail website.… Full Story →
- Port of Tauranga prepares for big ships, reports record profit
Port of Tauranga, the country’s biggest export port, has reported a record profit bang on expectations as it readies a dredging project to prepare for larger ships.
- Skellerup beats guidance with 23 percent drop in FY profit
Skellerup, the industrial rubber goods manufacturer, beat its guidance with a 23 percent decline in annual profit following a pickup in the last two months of the financial year.
- Vector ekes out 2.3 percent gain in FY profit as technology unit bolsters earnings
Vector, the Auckland-based electricity, gas and telecommunications network operator, lifted net profit 2.3 percent, missing estimates, as its technology unit bolstered sagging earnings from traditional energy revenue streams.
- Trade Me annual profit rises 4 percent , warns of slower earnings growth in 2014 as it invests in the business
Trade Me, New Zealand’s largest online auction site, posted slower profit growth for 2013 and warned earnings growth would remain tepid in the coming year as it reinvests in its business.
- Fletcher beats estimates with $326M FY profit as NZ revives, Australia stays flat
Fletcher Building posted a bounce back in annual profit, led by growth in its New Zealand operations and an absence of the year-earlier charges in Australia, where trading is expected to remain weak.