Fulton Hogan, the privately held construction firm, says first-half pre-tax earnings dropped 10 percent as Australia’s economic woes kept a lid on spending in the resources and state sectors, while the strong kiwi dollar eroded profit earned across the Tasman. Pre-tax net profit fell to $83.4 million in the six months ended Dec. 31 from $92.8 million a year earlier, the …

Warehouse Group lowered its forecasts for annual profit and dividends after New Zealand’s largest listed retailer posted weaker first-half earnings as its Red Sheds and Noel Leeming units missed expectations. Full-year adjusted net profit, which excludes one-time items and is the basis for dividend payments, will be between $52 million and $56 million, down from $60.7 million a year earlier, …

The major banks are breathing a sigh of relief that the Reserve Bank of New Zealand has dropped proposals that would have deemed anyone owning five or more residential properties as a commercial borrower, although the Property Institute is unhappy with the latest proposals, published yesterday for consultation. The central bank intends to require banks to set aside more capital against lending on …