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MARKET CLOSE: NZ shares fall; ComCom's early fibre views knock Chorus
Paul McBeth | Tue, 21 May 2019

By Paul McBeth May 21 (BusinessDesk) - New Zealand shares fell, led lower by Chorus, after investors were spooked by potentially stricter regulation of its ultrafast broadband network than they'd anticipated.  The S&P/NZX 50 Index decreased 18.06 points, or 0.2 percent, to...

Auckland Airport kicks off next phase of expansion
Gavin Evans | Tue, 21 May 2019

By Gavin Evans May 21 (BusinessDesk) - A new taxiway and aircraft parking area will increase Auckland International Airport’s airfield by about 18 percent and free up land for the next phase of its development. CPB Contractors will shortly commence earthworks for the projec...

Cashed-up Plexure eyes acquisitions to accelerate growth as loss shrinks
Paul McBeth | Mon, 20 May 2019

By Paul McBeth May 21 (BusinessDesk) - Plexure Group more than halved its annual loss as the cashed-up mobile advertising firm boosted revenue, and it's now looking at acquisitions to accelerate that growth.  The tech minnow is sitting on $12.7 million in cash, after McDona...

Tower turns to 1H profit, lifts FY guidance
Rebecca Howard | Mon, 20 May 2019

By Rebecca Howard May 21 (BusinessDesk) - Tower turned to a profit in the first half of the year and lifted its full-year guidance as gross written premiums rose and claims costs fell.   The insurer reported a net profit of $11.9 million in the six months to March 31, up fr...

Investore FY profit falls 16% on smaller valuation gain, signals flat dividend for 2020
Paul McBeth | Mon, 20 May 2019

By Paul McBeth May 21 (BusinessDesk) - Investore Property posted a 16 percent decline in annual profit as it reaped a smaller valuation gain on its large-format retail property portfolio than a year earlier.  Net profit fell to $38.6 million in the 12 months ended March 31...

Synlait receives cease and desist letter regarding Pokeno plant
Rebecca Howard | Mon, 20 May 2019

By Rebecca Howard May 21 (BusinessDesk) - Synalit Milk has received a cease and desist letter regarding its Pokeno land but believes a practical solution is attainable.  Synlait has begun building a second nutritional powder manufacturing site that had been set to be commis...

MARKET CLOSE: NZ shares gain as Liberal win in Australia boosts bank stocks
Paul McBeth | Mon, 20 May 2019

By Paul McBeth May 20 (BusinessDesk) - New Zealand shares rose as Australian bank stocks were buoyed by the Liberal-National coalition's electoral win over the weekend, removing the threat of tax changes.  The S&P/NZX 50 Index increased 53.35 points, or 0.5 percent, to 10,2...

Licensing key to medicinal cannabis firm Cannasouth's ambitions
Paul McBeth | Mon, 20 May 2019

By Paul McBeth May 20 (BusinessDesk) - Medicinal cannabis firm Cannasouth is poised to become NZX's first initial public offering in two years and is touting its ability to secure licences and strong relationships with regulators as selling points.  The Waikato-based compan...

UPDATE: Kiwi Property lifts annual profit 15% as valuations rise
Jenny Ruth | Sun, 19 May 2019

(Updates with further details from par 8) By Jenny Ruth May 20 (BusinessDesk) - Kiwi Property Group says annual net profit rose 15 percent, driven mainly by the rising values of its properties. Kiwi’s net profit for the year ended March rose to $138.1 million from $120.1...

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...


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