Company briefs

Friday 23rd August 2002

Fletcher Challenge Forests turned in a $249 million June-year loss, slightly better than the $254 million forecast in an information memorandum for the aborted Central North Island forests buy. Earnings before tax, interest and unusuals were $136 million.

Rural services group Wrightson more than doubled its June-year net profit to $21.2 million.

ASB Bank posted a $225 million June-year operating profit, up 23% on the previous year. Its financial services subsidiary Sovereign separately reported a $65 million gain.

Port of Lyttelton lifted its June-year net profit by 19% to $16.3 million in what the chairman described as a cut-throat competitive environment. Sales were up 6% to $61.9 million.

Nuplex Industries shrugged off last year's weakness and posted record $52.9 million June-year earnings before interest, tax, depreciation and amortisation. Unusual writedowns shrank from $13.6 million to $6.6 million and the bottom line rose from $1.3 million to $12.6 million.

Big writedowns pushed cinema operator Force Corporation, 50.2% owned by Sky City, to a $20.1 million June-year loss but that was half of last year's deficit. Force posted an operating surplus before tax and unusuals of $2.3 million.

Transport group Mainfreight reported a $630,000 net surplus for the June first quarter. Ebitda losses from Australian domestic operations were $926,000, down from $1.35 million a year ago.

Colonial First State Property Trust reported a 5.9% higher $3.7 million June first-quarter profit, reflecting strong portfolio cashflows and the addition of Auckland's Millennium Centre.

Motor developer Wellington Drive Technologies lost $2.9 million in the June 30 year, extending a $2 million loss in 2001. It has $2.4 million in cash.

Corporate farmer Tasman Farms posted a $6.1 million May-year profit, up from $4.5 million a year ago, citing high prices for its milk, beef, lamb and wool.

Distributor Steel and Tube Holdings lifted its June-year after-tax profit to $18.3 million, from $14.9 million a year ago. It reported strong demand from all regions, except Auckland where demand was flat.

Natural Gas Corporation announced it would seek buyers for its gas retailing and electricity generation assets as it returned to the black with a $34.5 million June-year net profit. The sales could generate $600 million in cash.

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