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Ebos opens Shanghai office after daigou crackdown
Jenny Ruth | Mon, 26 Aug 2019

By Jenny Ruth Aug. 27 (BusinessDesk) - A crackdown on the daigou trade by Chinese authorities has prompted Ebos to establish a presence on the ground in China by opening an office in Shanghai. The office opened in May and currently employs 10 people. Ebos chief executive...

Lower yield and marketing efforts to flatline Delegat profits
Victoria Young | Sun, 25 Aug 2019

By Victoria Young Aug. 26 (BusinessDesk) - A lower yielding vintage and a yet-to-be deployed marketing effort will hamper profit growth for Delegat Group next financial year despite an expected boost in wine sales. Delegat said following a 14 percent boost in operating net...

Comvita posts $27.7m net loss on goodwill write-downs
Jenny Ruth | Fri, 23 Aug 2019

By Jenny Ruth Aug. 23 (BusinessDesk) - Honey products company Comvita posted a $27.7 million annual net loss after writing off $20.1 million of goodwill. The result for the 12 months ended June compares with an $8.2 million profit the previous year. The $7.6 million loss...

Cavalier announces strategic collaboration with NZ Merino Company
Rebecca Howard | Fri, 23 Aug 2019

By Rebecca Howard Aug. 23 (BusinessDesk) - Cavalier Corp announced a "collaboration" with the New Zealand Merino company as it looks to cash in on a growing consumer trend toward natural fibres and away from synthetics.  Yesterday its shares tumbled after it said it will wr...

Paymark wins bid to keep some secrets from rival
Victoria Young | Fri, 23 Aug 2019

By Victoria Young Aug. 23 (BusinessDesk) - A High Court judge has ruled against an attempt by the founder of locally owned Payment Express, Andy Cullen, to peruse confidential documents relating to its competitor, French-owned Paymark's pricing and strategy as part of a “hard-...

NZ retail sales growth stalls in June as prices play catch up
Rebecca Howard | Thu, 22 Aug 2019

By Rebecca Howard Aug. 23 (BusinessDesk) - Retail sales growth stalled in the June quarter, although rising prices helped the value of sales catch up from a lull earlier in the year.  Retail sales volumes rose a seasonally adjusted 0.2 percent in the June quarter from 0.7 p...

Delegat continues to invest after record year
Victoria Young | Thu, 22 Aug 2019

By Victoria Young Aug. 23 (BusinessDesk) - Delegat Group, New Zealand’s biggest listed winemaker, lifted operating net profit by 14 percent in the June 2019 year, but indicated it was unlikely to make further gains next year.  The winemaker, whose stable includes the Oyster...

Skellerup reports record net profit powered by industrial division
Rebecca Howard | Thu, 22 Aug 2019

By Rebecca Howard Aug. 23 (BusinessDesk) - Rubber goods maker Skellerup Holdings reported a record full-year net profit as its industrial division once again saw strong revenue growth. The Auckland-based company said net profit for the year ended June 30 was $29.1 million,...

UPDATE: Ebos shares hit record on promise of increased earnings
Jenny Ruth | Thu, 22 Aug 2019

(Updating to add share price reaction in lead, 7th par) By Jenny Ruth Aug. 22 (BusinessDesk) - Ebos shares hit a record after it promised “a significant increase” in earnings this year following a flat result for the year ended June. Annual net profit rose to $137.7 mill...

CORRECT: Cavalier Corp shares fall 16% as it announces write-down
Rebecca Howard | Thu, 22 Aug 2019

(Corrects to clarify forecast excludes the non-cash items in paragraph eight)  By Rebecca Howard Aug. 22 (BusinessDesk) - Cavalier Corp shares fell 16 percent after it announced plans to write-down or impair the value of goodwill and various plant and equipment by as much a...

NZ Steel earnings fall on weaker prices, higher costs
Gavin Evans | Mon, 19 Aug 2019

By Gavin Evans Aug. 19 (BusinessDesk) - BlueScope Steel’s New Zealand business reported a 28 percent drop full-year operating earnings due to higher input costs and a drop in prices for export steel and vanadium. Sales revenue for the business, which includes BlueScope’s Pa...

Michael Hill underlying earnings fall 14% as margins squeezed
Rebecca Howard | Thu, 15 Aug 2019

By Rebecca Howard Aug. 16 (BusinessDesk) - Michael Hill International reported a slide in underlying earnings as margins were squeezed in a competitive retail environment. The Brisbane-based company, which also operates stores in New Zealand and Canada, said underlying earn...

Slowing new car market sees Kiwis squeezing more out of ageing fleet
Paul McBeth | Thu, 15 Aug 2019

By Paul McBeth Aug. 16 (BusinessDesk) - The slowing market for new car sales has weighed on dealers' earnings but has been a boon for the likes of Super Cheap Auto as people try to get more out of their ageing vehicles. Motor Industry Association data show new car registrat...

Macpac outperforming expectations for Super Retail Group
Paul McBeth | Thu, 15 Aug 2019

By Paul McBeth Aug. 15 (BusinessDesk) - Macpac is still delivering better results than expected for its Australian owner Super Retail Group, which wants to keep rolling out the outdoor equipment chain across Australasia. The retailer's sales were up 7.3 percent on a like-fo...

Foodstuffs disappointed as Countdown case moved to arbitration
Victoria Young | Tue, 13 Aug 2019

By Victoria Young Aug. 13 (BusinessDesk) - Pak’nSave owner Foodstuffs said it is disappointed a fight over lease covenants will likely play out in secret, following a High Court ruling.  Whether arbitration clauses with lessees transfer onto a new property owner was the key...

Meat prices boost July food prices
Rebecca Howard | Mon, 12 Aug 2019

By Rebecca Howard Aug. 13 (BusinessDesk) - Rising chicken, lamb and beef prices helped push New Zealand’s food prices higher in July. Food prices rose 1.1 percent from June and were 0.9 percent higher than in July last year, Stats NZ said. Meat and poultry prices lifted...

JB Hi-Fi's NZ sales nudge higher as turnaround continues
Paul McBeth | Mon, 12 Aug 2019

By Paul McBeth Aug. 12 (BusinessDesk) - JB Hi-Fi's New Zealand sales nudged higher as the Australian discount consumer electronics retailer continued its turnaround plan for an underperforming Kiwi business.  The retailer's New Zealand sales increased 2 percent to $236.2 mi...

Cautious consumers go easy on the plastic as card spending dips in July
Victoria Young | Sun, 11 Aug 2019

By Victoria Young Aug. 12 (BusinessDesk) - Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. In the same month...

Hallenstein Glasson says FY profit edges up as Glassons maintains sales growth
Paul McBeth | Sun, 11 Aug 2019

By Paul McBeth Aug. 12 (BusinessDesk) - Hallenstein Glasson Holdings said annual profit rose about 2 percent as its womenswear chain maintained sales momentum on both sides of the Tasman but its menswear stores struggled.  The company said net profit was $27.7-28.2 million...

Food waste massive contributor to global emissions - IPCC
Rebecca Howard | Fri, 09 Aug 2019

By Rebecca Howard Aug. 9 (BusinessDesk) - Agriculture, forestry and other land use may be responsible for 23 percent of global greenhouse gas emissions, but food waste is also a major culprit, according to a new report from the Intergovernmental Panel on Climate Change. Fro...

Turners wins early battle in $5.5m lawsuit against Buy Right Cars vendor
Victoria Young | Thu, 08 Aug 2019

By Victoria Young Aug. 9 (BusinessDesk) - Turners Automotive Group has won a preliminary battle with the former owner of the Buy Right Cars dealerships it purchased in 2017.  Brandon Orlandini is suing Turners for $5.5 million, claiming Turners tried to avoid paying him und...

Fonterra to sell down Beingmate stake on market
Rebecca Howard | Tue, 06 Aug 2019

By Rebecca Howard Aug. 7 (BusinessDesk) - Fonterra Cooperative Group plans to sell down its 18.8 percent shareholding in Beingmate Baby & Child Food Co on market after failing to find a buyer for the entire stake.   The dairy giant said while it has talked to a number of pa...

Record gas volumes traded amid increased uncertainty
Gavin Evans | Tue, 06 Aug 2019

By Gavin Evans Aug. 7 (BusinessDesk) - Volumes traded on the spot gas market jumped to a record last month as industrial users locked in supplies for the rest of the year. Trades for 1.49 petajoules of gas were booked on emsTradepoint last month, an all-time high for the si...


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