UPDATE: Z Energy profit falls on Flick write-down; stock rises

Gavin Evans
Thu, 31 Oct 2019

(Adds comment on Flick from fifth paragraph, market conditions and investor comment to end.) Z Energy has reported a 72 percent fall in first-half net profit after writing $35 million off the value of its stake in spot power retailer Flick Electric. The write-down and tough retail fuel competition saw the company report a net profit of $22 million for the six months ended Sept. 30. The earnings, calculated on a replacement cost basis, contrast with the $72 million reported a year earlier. Z paid $46 million for a 70 percent stake in Fl...
Auckland Council needs to fill $750m shortfall
Brent Melville | Wed, 15 Jul 2020

Auckland Council is facing a "larger than expected" fiscal hole of $750 million this year, including a provision of $224 million to shore up its creaking water infrastructure. In announcing its dec...

Ardern hints at mandatory contact tracing for businesses
Victoria Young | Wed, 15 Jul 2020

Prime Minister Jacinda Ardern today warned businesses to encourage contact tracing or she might force it upon them. “My message to businesses is to put that poster up. We’ve always said it was volu...

GAVIN EVANS: Southland jobs sacrificed to confused energy policy
Gavin Evans | Wed, 15 Jul 2020

The 2,600 jobs to be sacrificed in Southland next year are a high price to pay for confused energy policy and a multi-decade decline in this country’s economic ambitions. Despite the writing being...