Serco New Zealand, the local unit of the UK’s Serco Group, reaped a modest profit in the first full year of its $300 million, 10-year contract to run Mt Eden/Auckland Central Remand Prison for the Department of Corrections. Profit was $368,623 in calendar 2012, from about $1 million in 2011, when it took over full management of the facility mid-way …

The New Zealand dollar may struggle for direction this week as investors weigh the possibility of a higher interest rate track in New Zealand against signs of recovery in the US. The kiwi may trade between 77 US cents and 81 cents this week, according to a BusinessDesk survey of six traders and strategists who were split on the local …

Postie Plus Group, the clothing retailer whose shares have fallen 29 percent this year, said third-quarter sales fell 14 percent after seasonal stock was disrupted by problems at its third-party distribution centre. Sales from continuing operations fell to $19.4 million in the February-to-April quarter, from $22.6 million in the same period a year earlier, the Auckland-based company said in a …