State-owned national electricity grid operator Transpower returned to a first-half profit after taking a smaller unrealised hit on its financial instruments than a year earlier, and its earnings margins are tracking ahead of its annual target. The Wellington-based company made a profit of $70.7 million in the six months ended Dec. 31 from a loss of $51.5 million a year …

Price cuts imposed by the Commerce Commission are negative for Vector though the gas distribution network owner has enough of a cushion to ensure its credit rating doesn’t need to be cut, says Moody’s Investors Service. The competition regulator yesterday confirmed Vector will have to cut its prices by 18 percent, and cut its wholesale gas transmission charges by 29.5 …

The New Zealand dollar slipped back below 83 US cents after US growth figures came in lower than economists were expecting, weighing on commodities. The International Monetary Fund said it may cut its US forecast if spending cuts kick in on March 1. The kiwi dollar fell to 82.73 US cents from 83.15 cents at 5pm in Wellington yesterday. The …

Turners & Growers, the fruit marketer controlled by Germany’s BayWa Aktiengellschaft, narrowed its first-half loss after taking another writedown on the value of its kiwifruit orchards from the outbreak of Psa vine bacteria and taking a more downbeat view on its apple orchards. The Auckland-based company made a loss of $15.3 million, or 13.1 cents per share, in the six …

New Zealand shares rose to a new five-year high as investors cheered Air New Zealand’s profit growth and Fletcher Building pushed back above $9. The NZX 50 Index rose 43.68 points, or 1 percent, to 4320. Within the index, 25 stocks rose, 15 fell and 10 were unchanged. Turnover of $250 million included more than 10 million Trade Me shares. …

Methven, the tapware maker whose board agreed to link director fee increases to earnings growth, has lowered its expected annual profit on weak trading across the Tasman and costs arising from a potential purchase. The Auckland-based company expects reported and normalised profit in the year ending March 31 to be lower than last year, when it posted a net profit …

Christchurch city’s Port of Lyttelton turned in a 16.5 percent reduction in profit for the half year to Dec. 31, largely reflecting reduced coal export volumes from troubled state-owned coal miner Solid Energy and the loss of insurance cover for cancelled visits by cruise ships. Profit after tax for the period was $8.0 million, compared with $9.5 million in the …

The New Zealand dollar climbed back above 83 US cents after a bank survey showed local business confidence has continued to improve, and as Australian capital expenditure figures weren’t as bad as investors were prepared for. The kiwi rose to 83.15 US cents at 5pm in Wellington from 82.43 cents at 8am and 82.42 cents yesterday. The trade-weighted index advanced …

State-owned broadcaster Television New Zealand’s earnings after tax for the six months to Dec. 31 fell 26 percent to $14.2 million as advertising revenues fell and the network spent an extra $10.5 million buying programmes, including top-rating New Zealand’s Got Talent. Total operating revenues of $193.9 million for the half-year compared with $199.7 million in the same period a year …

The law firm that hosted Environment Minister Amy Adams’s launch of a government discussion paper on reform to the Resource Management Act has praised the initiatives, saying they are not before time. “This is by any analysis a substantial reform package, not a tune up,” said John Hassan, a resource management partner at Chapman Tripp. “It targets all parts of …