Company results in brief

Friday 22nd February 2002

The winter power price spike saw Natural Gas Corporation's December first half net profit nearly halve to $16.1 million. The result beat analysts' expectations and the company resumed dividend payments with a 3c interim payout.

Rural services group Wrightson said strong demand across its business groups boosted December first-half net profit to $6.3 million, up from $1 million a year ago. The result included a strong recovery in the Australian operations.

Advantage Group reported a pickup in domestic demand as it posted a $880,000 December first-half net profit, up from $386,000 a year ago. Cashflow recovered despite higher seasonal working capital requirements.

Evergreen Forests reported a flat $3.5 million December first-half net profit and said it was hopeful of matching that performance in its second half. Evergreen reported higher export volumes and improved prices.

Hellaby Holdings recorded a 33% higher December first-half net profit of $5.7 million and lifted its interim dividend 1c to 8c. The company reported improved profitability from its Brake & Transmission, AB Equipment, and Hannahs subsidiaries.

Aluminium maker Comalco New Zealand's 2001 net profit rose to $174.9 million compared with $166.2 million a year ago. Export revenue was $788 million but the winter power price spike cut production and increased costs.

Steel & Tube Holdings posted a 34% lift in December first-half profit, to $9 million. The company reported strong demand for steel and allied products from all regions except Auckland.

Cavalier Corporation's December first-half profit rose 24% to $5.8 million, recovering from high costs associated with last year's closure of its wool trading operation. Earnings before interest and tax from the ongoing operations fell by 13% on weaker carpet demand.

Waste Management's 2001 net profit fell 8.7% to $13.1 million after the company failed to renew Auckland contracts and had to lower prices to match increased competition. Revenue and cash flows strengthened.

Calan Healthcare reported a 7% fall in December first-half net profit, to $4.1 million, blaming a higher tax bill.

Freightways Express, up for sale as owner Ausdoc dismembers itself, posted 15% higher, $13.9 million pre-tax earnings for the December first-half. Bottom line profit was up 45% to $6.9 million, largely because of lower interest and finance costs.

Transport and logistics group Mainfreight posted an 83% lift in net profit for the nine months to December, to $4.6 million. The company said its Australian operations were expected to break even by this time next year.

Unlisted winemaker Grove Mill's December first-half profit rose 37% to $446,000 on higher production. The company plans more plantings and a new winery.

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