Fletcher Building posted a 20 percent decline in full-year profit after taking $150 million of one-time charges for plant closures and impairments. Pretax earnings rose in line with guidance, driven by a strong New Zealand performance. Profit fell to $270 million in the year ended June 30, from $339 million a year earlier, the Auckland-based company said in a statement. Sales …

Fonterra says it should no longer be required to accept all milk from new suppliers or to have to make milk available to large processors, apart from Goodman Fielder. In submissions to the Commerce Commission, which is undertaking a government-ordered review of the industry’s competitiveness, rival processors have said they either want the status quo or the regulations tightened. Fonterra …

The two shareholder groups representing Silver Fern Farms and Alliance farmers have joined forces in a bid to encourage the two meat cooperatives to follow suit and work collaboratively. Each shareholder group has separately gained the 5 percent farmer support needed to call special meetings of their respective cooperatives to try and force the boards to investigate the benefits and risks of …

2015 marked the year that housing emerged as a preeminent issue in the Mood of the Boardroom survey, with mentions of housing on over 10 different pages of the report. Other emerging issues included the slump in dairy prices, the Trans Pacific Partnership, and weak regional economic growth. After a 2014 of positivity, CEOs began to predict an economic slowdown on …

Adherium, a New Zealand medical devices company, wants to raise as much as A$35 million from Australian and Kiwi investors in an initial public offering on the ASX, to help fund the commercial roll out of its product and continue research and development. The Auckland-based company, formerly known as Nexus6, develops and manufacturers digital health technologies that improve medical adherence and patient …

 VMob, the NZAX-listed mobile technology company, is shifting its headquarters to San Francisco, planning to shift from the NZAX to the main board of the NZX listing, and raising about $5 million in a private share placement. The company’s mobile marketing platform delivers personalised, location-based promotional offers to mobile phone users on behalf of major brands to increase sales. At its annual meeting …

ercer Group looks to sell two divisions and forecasts 2015 loss By Fiona Rotherham Aug. 11 (BusinessDesk) – Mercer Group expects to turn to a loss in 2015 and the stainless steel fabricator is considering selling its interiors and medical divisions to focus on its core business. The Auckland-based company expects to post a $7.8 million loss before finance costs and tax …

Fonterra  has slashed its farmgate milk price for the 2015/16 season by $1.40 to $3.85 per kilogram of milk solids but is supporting cooperative members with an additional 50 cents per shared-up kilogram of milksolids in the form of an interest-free loan. The initiative softens the blow for farmers, who’ve seen prices tumble from $8.40 pert kg/ms in 2014, but comes at …

The Commerce Commission has filed court proceedings against PGG Wrightson, Elders New Zealand and five individuals it claims fixed fees charged during the introduction of a national livestock tagging scheme. The regulator is in discussions with a third company, Rural Livestock. The commission alleges the companies and individuals breached the Commerce Act by establishing three pricing agreements prior to the NAIT Act coming into force …

The New Zealand dollar is expected to decline this week, weighed down by further weakness in the country’s key dairy industry and by a strengthening US dollar. A BusinessDesk survey of 10 currency analysts puts a possible trading range for the kiwi at between 64.50 US cents and 67.50 cents this week. Six expect a decline while four say it may remain largely …