Tag Archives: Companies

Comvita, which produces health products from manuka honey and olive leaves, posted a 10 percent decline in full-year profit, beating its own guidance as it coped with a shortage of honey and higher costs. Net profit fell to $7.37 million, or 24.52 cents a share, from $8.2 million, or 27.85 cents, a year earlier, the Te Puke-based company said in …

Argosy Property reported a jump in full-year profit after earnings in the previous year were eroded by the costs of internalising its management contract. Net property income fell 1.8 percent. Profit was $39.2 million in the 12 months ended March 31, from $1.9 million a year earlier, when it spent $20 million internalising its management contract. Distributable earnings, the favoured …

DNZ Property Fund, a diversified property investor, reported a 14 percent fall in annual earnings and plans to raise $80 million in a placement to institutional investors and a share purchase plan to help pay for two new acquisitions. Distributable profit, property investors’ favoured measure of earnings which strips out unrealised movements in the value of their portfolios, fell to …

Sealegs Corp, which makes amphibious boats, posted a return to full-year profit after raising prices while sales of its vessels slipped. Profit was $204,000 in the 12 months ended March 31, from a loss of $1.86 million a year earlier, the Auckland-based company said in a statement. Sales rose about 19 percent to $16.4 million. The company sold 104 boats …

Shares of Fisher & Paykel Healthcare, which has lifted its full-year guidance three times, rose to a two-year high after brokerage First NZ Capital raised its rating to “outperform” from “neutral”, citing prospects for better growth and higher margins. F&P Healthcare shares rose as high as $3.05, the highest level since May 23, 2011, when it touched $3.10. It was …

Renaissance Corp, the retailer of Apple products and design school operator, turned to a first-half loss on disappointing sales, shrinking margins and an impairment charge at its Yoobee stores. The net loss was $3.1 million in the six months ended March 31, from a profit of $1.96 million a year earlier. Sales fell to $24.7 million from $77 million a …

Independent research commissioned by would-be undersea phosphate miner Chatham Rock Phosphate has raised the company’s share price to a target value of $2 from $1.87 last September as the timetable firms for mining from early 2015. The latest analysis from Edison Investment Research suggests CRP is overcoming technical hurdles, its dredging partner may be able to retro-fit an existing ship …

New Zealand Oil & Gas chairman Peter Griffiths has thrown his support behind legislative moves to make directors liable if the companies they govern fail to meet health and safety obligations. The Ministry of Business, Innovation and Employment and the Institute of Directors yesterday released health and safety governance guidelines for directors outlining best practice and advice for company boards. …

SkyCity Entertainment Group has agreed to buy Queenstown’s Wharf Casino for $5 million from Malaysia’s Lasseters, adding 74 electronic gaming machines and six gaming tables to its existing operations in the resort town. The deal is subject to Commerce Commission and Gambling Commission approvals. The company moved to 100 percent ownership of Queenstown Casino in December, buying out Skyline Enterprises’ …

Nuplex Industries cut the range for its full-year earnings guidance by about $11 million, saying Australia’s manufacturing slump has dented demand for its resins, specialty chemicals and plastic additive products. The shares dropped about 9 percent. Earnings before interest, tax, depreciation and amortisation are expected to be in the range of $124 million to $129 million in the year ending …