Infratil, which is mulling the float of its Z Energy chain of petrol stations, reported a drop in full-year profit after writing down the value of its UK airports and recognising accounting charges. Net profit fell to $3.4 million in the year ended March 31, from $51.6 million a year earlier, the Wellington-based company said in a statement. Operating revenue …

The New Zealand dollar declined after better-than-expected US retail sales added to confidence the world’s largest economy is expanding, reducing demand so-called growth assets outside of the US including the kiwi. The kiwi dollar fell to 82.53 US cents from 83.05 cents yesterday. The trade-weighted index weakened to 77.19 from 77.67. A report late yesterday showed US retail sales posted …

PGG Wrightson, the rural services company which fell out of the NZX 50 Index this year, expects annual earnings to fall by as much as 27 percent as dry conditions on both sides of the Tasman and lower livestock values erode prices. The Christchurch-based company expects earnings before interest, tax, depreciation and amortisation of between $40 million and $48 million …