Business Desk

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. The closely held Ridgecrest had originally taken its case to the High Court after a dispute with the local unit of Insurance Australia Group about the nature of its policy. Ridgecrest had …

Ebos Group is unlikely to repeat a trebling of annual profit fuelled by last year acquisition of the Symbion pharmaceutical wholesaler and distributor in Australia, where regulatory changes are putting pressure on the sector. The $1.1 billion cash and scrip Symbion purchase in June 2013 was a game-changer for the Christchurch-based healthcare and animal care manufacturer company, more than tripling annual revenue in a deal that gave Symbion’s …

Air New Zealand shares rose to a two-month high after the government-controlled national carrier boosted annual profit 45 percent on increased passenger numbers and capacity, and said it will double shareholder returns with a special dividend. The shares rose as high as $2.20, and were recently up 1.4 percent at $2.18, having climbed 31 percent this year, outpacing a 6.4 percent gain in the NZX All Index …

Genesis Energy, New Zealand’s largest energy retailer, posted a 53 percent drop in full-year profit, beating its prospectus forecast and affirmed it was on track to meet its targets for 2015 even in the face of heightened retail competition for electricity and gas. Profit was $49.2 million in the 12 months ended June 30, down from $104.5 million a year earlier, the …

Snakk Media, which matches advertisers with mobile users, said first quarter sales rose 67 percent and it continues to pursue an ASX listing. Sales rose to $2 million in the three months ended June 30, from $1.2 million in the same period a year earlier, the Auckland-based company said in a statement. The company generates more than 85 percent of its sales from …

Ebos Group, the healthcare and animal care manufacturer, posted full-year profit that almost tripled on a full 12-month contribution from the Symbion pharmaceutical wholesaler and distributor in Australia. Net profit was $92.1 million, or 62.8 cents a share, in the year ended June 30, from  $28.2 million, or 46.8 cents, a year earlier, the Christchurch-based company said in a statement. Sales jumped 216 percent to $5.76 billion. The $1.1 billion …

Fonterra Chief Executive Theo Spierings says Fonterra will partner with leading Chinese infant food manufacturer Beingmate Baby and Child Food – a company part of the greater Beingmate Group. Once the deal has gained regulatory approval, Fonterra and Beingmate will form a joint venture to purchase Fonterra’s Darnum plant in Australia and establish a distribution agreement to sell Fonterra’s Anmum …

Telecom Corp., New Zealand’s largest telecommunications company, agreed to pay $17 million for cloud services specialist Appserv, widening the services it can offer to businesses after purchasing Revera last year. “Revera is a cloud computing specialist that provides cloud solutions predominantly for government and corporates, while Appserv brings specialist cloud desktop-as-a-service solutions for a range of business sizes, particularly small to medium sized,” Telecom …

The New Zealand dollar held gains in local trading as strong business confidence, increased consumer spending and rising property values fuelled expectations the Reserve Bank will hike interest rates to keep a lid on future inflation threats. The kiwi traded at 83.70 US cents at 5pm in Wellington, little changed from 83.76 cents at 8am, and up from 83.31 cents …

New Zealand business confidence climbed to a 20-year high in the fourth quarter, lifting expectations for profits, hiring and investments, and raising the prospects for inflation to start to accelerate. A net 52 percent of businesses were optimistic in the December quarter, seasonally adjusted, the highest since June 1994 and up from 33 percent three months earlier, which was itself …