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Vector, the Auckland-based electricity, gas and telecommunications network operator, lifted net profit 2.3 percent, missing estimates, as its technology unit bolstered sagging earnings from traditional energy revenue streams. Net profit rose to $203.3 million, or 20.4 cents per share, in the 12 months ended June 30, from $198.8 million, or 20 cents, a year earlier, the company said in a …

By Pam Graham The amalgamation of councils in Auckland has worked so well it should be a template for the rest of New Zealand, the lobby group for infrastructure companies says. New Zealand Council for Infrastructure Development (NZCID) chief executive Stephen Selwood pushed for reform of councils in regions at the Local Government New Zealand conference in July and he …

Auckland International Airport aims to grow earnings by up to 11 percent next year in a four-pronged plan that includes a coordinated effort to attract Asian visitors to New Zealand and develop the gateway’s land bank into the country’s “greatest” business hub. android teen spy app The airport is forecasting underlying earnings of between $160 million and $170 million in …

Trade Me, New Zealand’s largest online auction site, posted slower profit growth for 2013 and warned earnings growth would remain tepid in the coming year as it reinvests in its business. Trade Me profit rose 4 percent to $78.6 million in the year ended June 30, slower than the 8.4 percent pace a year earlier, the Wellington-based company said in …

Fletcher Building posted a bounce back in annual profit, led by growth in its New Zealand operations and an absence of the year-earlier charges in Australia, where trading is expected to remain weak. Net profit jumped to $326 million in the 12 months ended June 30, from $185 million a year earlier, when the Auckland-based company took $132 million of …

Chinese officials have responded constructively to the discovery of excessive nitrate levels in milk products from Westland Milk Products that were shipped to China, Prime Minister John Key said. cell phone spy tracker The Ministry for Primary Industries today announced it had revoked export certificates for four consignments of lactoferrin made by Westland Milk after unacceptable levels of nitrates were …

A joint ministerial inquiry into the Fonterra Cooperative Group food scare will look at how the dairy exporter’s contamination occurred and whether the country’s regulatory regime is up to scratch, but won’t touch on questions of liability or the legislative structure of the dairy sector. Primary Industries Minister Nathan Guy and Food Safety Minister Nikki Kaye today released the draft …

MediaWorks NZ, the broadcaster whose banking syndicate is poised to take control, owed its lenders $528.3 million when they tipped it into receivership, according to the first receiver’s report. The Auckland-based company held total liabilities of $797.4 million against assets of just $329 million as at May 31, of which its banking syndicate was owed the bulk, receivers Brendon Gibson …

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Australian steelmaker BlueScope Steel’s New Zealand unit was able to limit a decline in annual earnings with cheaper coal costs and bigger export volumes of iron sands. The New Zealand and Pacific segment, which operates the Glenbrook steel mill, reported earnings before interest and tax of A$42.5 million in the 12 months ended June 30, from A$64.7 million a year …