Forex losses make 2 cheap cars, far 2 cheap

CEO David Page and chair Karl Smith, caught short (Image: supplied)

Mon, 04 Apr 2022

NZ Automotive Investments (NZAI) expects the impacts of the Ukraine war and the weakening Japanese yen against the NZ dollar to result in a mark-to-market hit to earnings of $700,000 for the financial year to March.While the foreign exchange hedging impact relates to inventories that will be delivered during the current financial year, it still expects underlying net profit after tax (NPAT) for the year to be between $1.7 million and $1.8m, down from guidance of about $2.6m forecast in January.That's less than half of reported NPAT of $3.8m...

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Politics

Govt reshuffle: Lee demoted, Simmonds loses portfolio

Melissa Lee has been stripped of her media and communications portfolio and dropped from the cabinet, prime minister Christopher Luxon announced today.He has given Paul Goldsmith the portfolio after Lee was widely criticised over her public handling of the numerous issues facing...

Staff reporters 1:20pm

Economy