Forex losses hit Wilson & Horton

Losses on foreign exchange transactions are being blamed for the result. The company says these made up the major portion of exceptional items, which totalled negative $30.1 million.

Wilson and Horton says the foreign exchange losses occurred when the group restructured the majority of its foreign currency borrowings into kiwi dollar denominated debt in May.

Disregarding exceptional items and interest, the newspaper publisher says operating profit was $42.9 million, a lift of 21.2% on last year's half year result.

Increased advertising and growth in its commercial printing division helped to push up operating revenue by 8.3% to $227.4 million.

Last week New Zealand's other major newspaper group, Independent Newspapers, announced a full year profit of $34.6 million, up nearly 15% on last year.

Wilson and Horton shares closed Monday down 20 cents at $11.80.

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