Toll Holdings’ New Zealand unit recognized a provision of almost $22.9 million in its dispute with the Inland Revenue Department over its use of convertible notes in 2013, a year that saw its annual loss widen by 69 percent as it wrote down the value of its Express Logistics acquisition. The Australian logistics group, which competes locally with NZX-listed Mainfreight, …

Auckland’s average house price rose to a record in December as property values benefited from a lack of supply heading into the peak summer season. The average sale price rose to $700,387 in December, from $684,646 in November and $624,015 in December 2012, according to realtor Barfoot & Thompson. The median price rose 1.2 percent from November to $629,000 and …

Yellow, the directories business seized by its bankers in 2011, is confident it will continue to comply with its debt covenants after gaining waivers for 2014 and will be able to refinance some $414 million of debt due next year. NZ Directories Holdings, which owns the Yellow business, narrowed its net loss of $12.5 million in the year ended June …