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WF Group, the contract labour firm, more than doubled annual profit after selling its Panacea Healthcare unit and will return most of the $2.24 million proceeds to shareholders via a special dividend. Net profit climbed to $6.9 million, or 26.5 cents per share, in the 12 months ended March 31, from $2.6 million, or 10 cents, a year earlier, the …

Goodman Property Trust, which is managed by a unit of ASX-listed Goodman Group, recorded the first increase in the value of its portfolio since 2008, adding to accounting adjustments that contributed to a 92 percent jump in annual profit. The portfolio includes a revaluation gain of $4.2 million, following a devaluation of $19.5 million a year earlier. The value of …

TrustPower, the electricity generator and retailer controlled by Infratil, will pay $13.7 million for the assets of Wanganui council owned Energy Direct New Zealand, allowing it to add customers near its electricity plants. Energy Direct’s customers are close to TrustPower’s Patea hydro scheme and its Tararua wind farm, and the purchase would also allow TrustPower to sell other services to …

The New Zealand dollar fell as optimism of a US recovery raises the prospect of an end to quantitative easing in the world’s largest economy. The kiwi dropped to 81.82 US cents from 82.90 at 5pm yesterday. The trade-weighted index slid to 76.88 from 77.46 yesterday. The US Dollar Index, which tracks the greenback against its major trading partners, was …

Wall Street resumed its climb to new records, underpinned by the confidence that central banks around the world are supporting growth. Financial stocks including Bank of America and Citigroup received a boost from billionaire hedge-fund manager David Tepper who called US banks “a good sector” in an interview with CNBC. Shares of Bank of America were up 2.3 percent, while …

The New Zealand dollar fell as optimism of a US recovery raises the prospect of an end to quantitative easing in the world’s largest economy. The kiwi dropped to 81.82 US cents from 82.90 at 5pm yesterday. The trade-weighted index slid to 76.88 from 77.46 yesterday. The US Dollar Index, which tracks the greenback against its major trading partners, was …

Wall Street resumed its climb to new records, underpinned by the confidence that central banks around the world are supporting growth. Financial stocks including Bank of America and Citigroup received a boost from billionaire hedge-fund manager David Tepper who called US banks “a good sector” in an interview with CNBC. Shares of Bank of America were up 2.3 percent, while …

Former Foodstuffs boss Tony Carter will take up the chair at Air New Zealand’s board when existing chairman John Palmer steps down after September’s annual meeting. The announcement comes amid growing anticipation of the government’s planned sell-down of its three-quarter stake in the airline. Carter joined the national carrier’s board two years ago when Palmer signalled this would be his …

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 …