WEEK IN REVIEW

Friday 23rd April 2004

CanWest New Zealand, which is reportedly up for sale through a share float, reported 47% higher February first-half operating earnings of $34 million. Strong demand for advertising boosted both radio and TV3 while C4 broke even.

Carter Holt Harvey disappointed the market with lower-than-expected March first-quarter earnings but insisted results were improving. Earnings before interest and tax were $68 million, down from $77 million a year ago.

Software developer Jade lost $15.3 million in 2003. Chief executive Rod Carr said restructuring and redundancies had put the company on track to make a profit this year.

Sky Network Television said it had 563,559 subscribers, up by 15,518 since December 31. The pay TV operator has hiked its satellite service charges by $2 to $3 a month.

Dairy giant Fonterra raised $100 million through an issue of seven-year notes and 10-year bonds to institutional investors. Treasurer Mary-Jane Daly said it had extended its debt maturity, not its indebtedness.

Kiwi Income Property Trust booked a $50 million revaluation gain, taking total assets to $1.1 billion and asset backing from $1.07 to $1.14. The Northlands Shopping Centre was the star in the $40 million gain in the retail portfolio, and Auckland's Vero Centre contributed most to a $10 million office portfolio rise.

Wrightson bidder Rural Portfolio Investments said yet another strategic review was planned if it wins control.

Milk biotech firm A2 Corporation listed on the New Zealand Exchange's second-tier AX board and called for a ceasefire in its battle with Fonterra. Livestock Improvement Corporation, a farmers' co-operative, also joined the AX.

Listed fishing company Sanford and Maori-and-Japanese-owned Sealord called off their merger talks, citing "issues that were not able to be resolved." Both are struggling with the high dollar and a difficult global industry environment.

Waste Management said it expected 2004 calendar year net profit to be 23% higher than last year's $18.5 million. That will include a $1.2 million write-back of market development expenses in Australia, implying, according to Goldman Sachs JB Were, an underlying net profit growth forecast of 16.5%.

Retail investor StoreFund will seek to raise $50 million from investors and list on the New Zealand Exchange.

Comments from our readers

No comments yet