Auckland airport eyes $90 million profit

Friday 27th February 2004

Record passenger and aircraft activity helped Auckland International Airport to post a 14% higher $45.2 million December first-half profit. It forecast a $90 million full-year profit if conditions persisted.

Cue Energy Resources posted a $427,000 December first-half profit, up from $12,000 a year ago, on revenue of $3.4 million.

Transtasman insurance group Promina reported a strong $A298 million ($337 million) pro forma 2003 profit, driven by premiums growth and improved claims ratios.

Laundry group Taylors' December first-half profit rose 15% to $2.2 million and it said it expected buoyant market conditions to continue in the second half.

Tourism Holdings' $4.2 million December first-half profit was down 19% on the abnormals-boosted result a year ago but underlying earnings rose 10%. The company forecast a $10 million full-year gain.

Port of Tauranga said a flat $14.7 million December first-half profit was solid, considering the difficult export climate.

Calan Healthcare Properties Trust posted a 26% higher $4.7 million December first-half profit, including $400,000 of one-off gains.

Baycorp Advantage's underlying earnings for the December first-half rose 91% to $A14.1 million ($16 million) but asset valuation writedowns took the
bottom line to a $A150 million loss.

Sky Network Television's December first-half profit was $12.4 million, up from a $4.4 million loss a year ago. Subscriber growth of only 5000 customers disappointed analysts but highlights included sharply lower capital expenditure, growing advertising revenue and higher arpu (average revenue per user) data.

Wellington Drive Technologies reported a slightly improved $1.2 million December first-half loss.

Pyne Gould Guinness' December first-half profit rose 11% to $6.4 million.

Independent Newspapers' $43 million first-half profit included investment income, its share of Sky TV's earnings, and a $20.5 million gain on the sale of its last newspaper.

Designer Textiles' December first- half profit fell 4% to $1.6 million but earnings before interest, tax, depreciation, and amortisation rose 7% to $3 million.

Wrightson warned difficult weather and trading conditions would continue eating into earnings as it announced a 34% lower $2.7 million December first- half profit.

Property for Industry posted a record $11.6 million 2003 operating profit. A revaluation of the portfolio added $7 million of unrealised gains, taking the surplus to a 46% improvement on 2002.

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