The manager of Kiwi Income Property Trust didn’t give investors any more clues on a proposal to bring its contract inhouse, but did share growing optimism about state of retail and Auckland office space. Kiwi Income Properties Ltd chairman Mark Ford told today’s annual meeting the proposal by Commonwealth Bank of Australia to internalise the management of the property trust …

Xero, the cloud-based accounting firm, burned through more cash last quarter as the company’s rapid expansion saw wages, advertising and marketing payments run ahead of sales. The Wellington-based company’s cash flow statement shows it was sitting on $68.8 million of cash as at June 30, down $9.4 million from three months earlier. It used $6.57 million in the first quarter …

Auckland International Airport, the country’s main gateway, isn’t extracting excessive profits as its expected earnings fall just within the regulator’s tolerance. The Commerce Commission found information disclosure regulations have had a positive influence on the airport’s behaviour and have been effective in limiting its ability to extract excessive profits, deputy chair Sue Begg said in a statement. The antitrust regulator …

The New Zealand dollar is little changed after Fonterra Cooperative Group hiked its 2014 forecast payout and ahead of a statement today which may provide further clues on when the US Federal Reserve is likely to pare back monetary policy stimulus. The kiwi was little changed at 79.85 US cents, from 79.92 cents at the 5pm market close in Wellington …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has lifted its forecast milk payout to farmers by 50 cents in the 2014 season as global supply remains constrained and as a weaker local currency bolsters export returns. The Auckland-based company expects to pay $7.50 per kilogram of milksolids and an estimated dividend of 32 cents per share, it said in …

Disappointing earnings hurt shares of companies including Occidental Petroleum, last down 3.3 percent, and Coach, last 8.3 percent weaker. There were positive earnings surprises too such as for Pfizer, helping lift its shares 0.68 percent. Overall Wall Street was mixed as Federal Reserve policy makers began a two-day meeting today, and investors are keen for fresh clues about the outlook …

Abano Healthcare Group has reported a 75 percent improvement in net earnings after tax for the year to May 31, and is looking to raise $15 million in coming months to pursue further growth in Asia and Australia. The group reported record total revenues of $207 million for the year, and NPAT before accounting for the share available to minority …

Ryman Healthcare, whose shares are sitting at a record high after climbing 56 percent this year, trading in the first quarter was in line with the retirement village operator’s target’s and ahead of the same period on 2012. “We have reviewed the first quarter’s trading, and I’m pleased to advise that we are ahead of last year, and trading in …

Methven, the tapware maker which posted a 20 percent drop in profit last year, expects solid sales and profit growth in the current financial year. Its shares rose 2.3 percent. “We are targeting solid sales and net profit after tax growth for the first half and full year of 2013/14,” chairman Phil Lough said in a statement for delivery to …

Cynotech Holdings is being liquidated following a takeover by 1980s high-flyer Allan Hawkins. Hawkins, the former head of Equiticorp which collapsed after the 1987 share-market crash, began winding down the listed company after taking control in 2010. Interim liquidators have now been appointed to the company by the Auckland High Court, following an application by Hawkins, the company said in …