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UPDATE: Steel & Tube shares drop 8.9% on earnings downgrade
Sun, 19 May 2019

(Updates and recasts on share price, adds broker comment) By Paul McBeth May 20 (BusinessDesk) - Steel & Tube Holdings shares dropped 8.9 percent after the steel products maker cut its earnings outlook. The shares fell 11 cents to $1.12 in early trading after the company...

Scales signals earnings growth from reshaped business
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Scales Corp says full-year operating earnings from its reshaped business may rise as much as 13 percent. The agri-business, which last year sold its cold stores and liquid storage operation to expand its petfood interests, expects unde...

Steel & Tube cuts earnings outlook on margin squeeze, inventory restatement
Paul McBeth | Sun, 19 May 2019

By Paul McBeth May 20 (BusinessDesk) - Steel & Tube Holdings has cut its earnings outlook as margins remain under pressure, and after restating its year-earlier accounts gave it a lower starting point.  The steel products maker expects earnings before interest and tax of $1...

Infratil confident of Vodafone clearance; keen to keep Trustpower
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Infratil is confident its purchase of Vodafone New Zealand will be approved by regulators and says it has no interest in selling out of Trustpower to help secure a deal. Infratil and Brookfield Asset Management are seeking Commerce Com...

MARKET CLOSE: NZ shares rise; trading quiet ahead of upcoming earnings
Paul McBeth | Fri, 17 May 2019

By Paul McBeth May 17 (BusinessDesk) - New Zealand shares rose in quiet trading, as investors prepare for a flurry of earnings next week. Infratil entered a trading halt for the first tranche of a $400 million capital raising.  The S&P/NZX 50 Index increased 3.81 points, or...

Fletcher-commissioned Deloitte report shows building material costs are low
Jenny Ruth | Fri, 17 May 2019

By Jenny Ruth May 17 (BusinessDesk) - The cost of building materials in New Zealand account for between 16-24 percent of the cost of residential housing development costs, depending on the type of building and location, according to a study by accounting firm Deloitte. If t...

UPDATE: Infratil kicks off $400M equity raising, posts flat earnings
Gavin Evans | Fri, 17 May 2019

(Adds company comment throughout) By Gavin Evans May 17 (BusinessDesk) – Infratil’s purchase of a stake in Vodafone New Zealand will be transformative for its portfolio and should generate the sort of returns that will allow the company to return to a rising dividend track,...

RBNZ censures ANZ, prescribes risk capital calculation
Rebecca Howard | Fri, 17 May 2019

By Rebecca Howard May 17 (BusinessDesk) - The Reserve Bank of New Zealand has revoked ANZ Bank New Zealand's accreditation to model its own operational risk capital requirement due to a "persistent failure" in its controls and attestation process. ANZ is one of four big ban...

SeaDragon shareholders back $4M injection to stave off liquidation
Rebecca Howard | Fri, 17 May 2019

By Rebecca Howard May 17 (BusinessDesk) - SeaDragon has managed to stave off possible receivership or liquidation after shareholders backed resolutions to allow a $4 million cash injection.  "Management’s current estimates have SeaDragon unlikely to pay its debts as they fa...

Infratil kicks off $400M equity raising, reports flat operating earnings
Gavin Evans | Thu, 16 May 2019

By Gavin Evans May 17 (BusinessDesk) - Infratil plans to sell about 100 million new shares at $4 each to help fund its $3.4 billion purchase of Vodafone New Zealand. The underwritten offer is structured as a $100 million placement of 25 million shares to institutions. The b...

Genesis signs up to 20-year supply agreement for Tilt-built Waverly wind farm
Paul McBeth | Thu, 16 May 2019

By Paul McBeth May 17 (BusinessDesk) - Genesis Energy and Tilt Renewables have signed a 20-year supply agreement, laying the foundation for the construction of a 31-turbine wind farm in Waverley, South Taranaki.  The power companies finalised the deal, which will see Genesi...

MARKET CLOSE: NZ shares extend gain in increasingly volatile market; Chorus gains
Paul McBeth | Thu, 16 May 2019

By Paul McBeth May 16 (BusinessDesk) - New Zealand shares rose for a second day in an increasingly volatile market. Equities rose across Asia and Chorus led the local market higher.  The S&P/NZX 50 Index increased 45.41 points, or 0.4 percent, to 10,176.99. Within the index...

Synlait says Munchkin US FDA process on hold
Rebecca Howard | Thu, 16 May 2019

By Rebecca Howard May 16 (BusinessDesk) - Synlait Milk said the registration process required to launch Munchkin Inc’s Grass Fed infant formula in the US has been put on hold to allow the company to look at other options.  Synlait "has been informed that the clinical study...

New Zealand's current milk season looks good but not record breaking
Rebecca Howard | Thu, 16 May 2019

By Rebecca Howard May 16 (BusinessDesk) -  With just over a fortnight to go, the country's current milk season looks to have been a good - but not stellar - year for processors as dry weather at the tail end crimped production.  Production was initially very strong on the b...

ComCom says 5G build excluding Huawei could cost more
Paul McBeth | Thu, 16 May 2019

By Paul McBeth May 16 (BusinessDesk) - Excluding Chinese telecommunications firm Huawei Technologies risks driving up the cost of building a 5G mobile network and undermining competition in its development, according to a draft mobile market study.  Spark New Zealand had pl...

Rakon lifts annual earnings 10% on growing demand for telco infrastructure
Rebecca Howard | Wed, 15 May 2019

By Rebecca Howard May 16 (BusinessDesk) - High-tech components maker Rakon lifted full-year earnings 10 percent, meeting guidance, as 4.5/5G telecommunications infrastructure demand continues to grow. But profits were down on last year and debt soared. Underlying earnings b...

Goodman NZ collects first performance fee in 10 years
Jenny Ruth | Wed, 15 May 2019

By Jenny Ruth May 16 (BusinessDesk) - Goodman Property Trust’s manager is pocketing an $8.6 million performance fee for the year ended March, the first time Goodman NZ has earned a performance fee in 10 years. That suggests the trust has performed particularly well for inve...

Infratil’s Vodafone play may shake up national telco infrastructure
Paul McBeth | Wed, 15 May 2019

By Paul McBeth May 16 (BusinessDesk) - Infratil’s billion-dollar play for Vodafone New Zealand is set to change the way telecommunications firms invest in national infrastructure. Chief executive Marko Bogoievski told analysts this week that the nation can’t afford to inves...

MARKET CLOSE: NZ shares outperform global rally as low rates bolster local outlook
Paul McBeth | Wed, 15 May 2019

By Paul McBeth May 15 (BusinessDesk) - New Zealand shares joined a global rally, as the local outlook for low interest rates added tailwind to broader optimism among investors that the US and China will compromise on their trade stoush. China-focused exporter A2 Milk led the l...

FNZC trims Infratil's target price on $3.4B Vodafone deal
Rebecca Howard | Tue, 14 May 2019

By Rebecca Howard May 15 (BusinessDesk) - First NZ Capital has lowered its target price for Infratil shares after the infrastructure investor flagged plans to make a $1.03 billion investment in Vodafone New Zealand.  Multinational telco Vodafone Group has agreed to sell its...

Goodman Property profit jumps 64.7% on valuation and development gains
Jenny Ruth | Tue, 14 May 2019

By Jenny Ruth May 15 (BusinessDesk) - Goodman Property Trust lifted annual statutory net profit 64.7 percent, boosted by big valuation gains and as its manager sold assets and developed new ones to create a pure Auckland industrial property portfolio. Net profit attributabl...

MARKET CLOSE: NZ shares fall as Infratil flags equity raising for Vodafone deal
Paul McBeth | Tue, 14 May 2019

By Paul McBeth May 14 (BusinessDesk) - New Zealand shares fell as infrastructure investor Infratil flagged it will raise new equity to help fund its share of the $3.4 billion takeover of Vodafone New Zealand.  The S&P/NZX 50 Index fell 56.48 points, or 0.6 percent, to 10,07...

Infratil wants Vodafone free to chase domestic strategy
Paul McBeth | Tue, 14 May 2019

By Paul McBeth May 14 (BusinessDesk) - Vodafone New Zealand's incoming shareholder wants the country's biggest mobile carrier free to pursue a domestic strategy rather than be beholden to the dictates of a multinational owner.  Infratil has been seeking out a high-quality t...


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