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Energy Mad, which has twice downgraded its 2013 earnings expectations, today posted a wider-than-expected loss of $2.5 million after design, manufacturing and production problems crimped sales. Energy Mad, which listed in late 2011, had forecast a $4 million profit for the year ended March 31 in its prospectus. The company subsequently lowered its forecast twice, most recently in February when …

The Directors of BLIS Technologies (“BLT”) advise that the Group recorded a net deficit of $1,856k for the March 2013 financial year (2012:$1,759k). The result was in line with the revised guidance provided in February 2013 and reflected a disappointing operating performance and the decision in February to restructure the operations of BLIS Functional Foods (“BFF”) with the cessation of …

Tower, the insurer that is 34 percent owned by Guinness Peat Group, has posted a first-half profit after reaping $51.4 million in gains from the sale of its health, life, and investment units that left it as a general insurer. Net profit rose to $44.2 million, or 19.33 cents per share, in the six months ended March 31, from $23.6 …

The New Zealand dollar may halt its slump against the greenback on signs the world’s largest economy is not yet in a self-sustaining recovery. The kiwi, which has dropped 5.5 percent this month against the US dollar, recently bought 80.86 US cents, from 80.76 cents at 5pm yesterday. The trade-weighted index edged up to 76.34 from 76.23 at 5pm yesterday. …

European equities advanced as investors judged recent declines as overdone and concern about the end of central bank support premature. Europe’s benchmark Stoxx 600 Index ended the day with an increase of 0.3 percent, following last week’s 2.1 percent decline as investors worried that the US Federal Reserve might begin to pare its bond-buying program earlier than expected. Germany’s DAX …

Allied Farmers, which kept itself alive in March through a fire sale of toxic loans, is back in the firing line after its rural unit was today served with a liquidation notice by the Inland Revenue Department over a $4.2 million tax bill. The Hawera-based company was today served with the notice, 26 days after it was filed with the …

BusinessNZ Chief Executive Phil O’Reilly has been elected Chair of the Business and Industry Advisory Council (BIAC) to the OECD.  The BIAC is the voice of business at the OECD – the world’s foremost provider of integrated statistics and fact-based policy recommendations.  The BIAC network includes national business, industry and employer associations from OECD members and observer countries, as well …

Acurity Health Group, the private hospital operator formerly known as Wakefield Health, reported a smaller decline in annual earnings than forecast, while warning subdued demand for private sector health was making it difficult to keep a lid on costs. Net profit fell to $5.9 million, or 34 cents per share, in the 12 months ended March 31 from $6 million, …

Fonterra Cooperative Group, the world’s biggest dairy exporter, has scaled back its offer to farmer shareholders to sell the economic rights of their shares into the Shareholders’ Fund. The NZX-listed Fonterra Shareholders’ Fund, which gives outside investors access to the dairy exporter’s dividend stream, will buy almost 60 million so-called ‘wet’ shares worth $475 million at $7.92 apiece, with those …

he New Zealand dollar surged to its highest in four and a half years against its Australian counterpart as New Zealand’s rising interest rates and growth outlook increase the lure of the nation’s currency. The kiwi advanced to 84 Australian cents from 83.58 at 5pm on Friday. It earlier touched 84.25 cents, the highest since January 2009. The trade-weighted index …