Friday 17th August 2001 |
Text too small? |
Rural services group Wrightson was a major beneficiary of the strong agricultural economy, posting a 41% higher $10.7 million June-year after-tax profit.
Chairman John Palmer said the company - which was struggling two years ago - had also benefited from a programme of strengthening client relationships, increasing market share and lifting margins.
The profit would have been higher still if the company hadn't booked several one-offs. The loss-making Australian potato business was sold, resulting in a $2.9 million write-off, and a warranty claims dispute with strategic alliance partner Rabobank was settled at a cost of $1.9 million.
Trading losses and goodwill write-off in the troublesome business in Uruguay, where drought and an outbreak of foot and mouth disease hit the rural sector, took $3.5 million.
The group also had an abnormally high tax expense - $10.3 million - because it couldn't offset the Australian or Uruguayan losses or the Rabobank settlement.
Earnings before interest and tax were up 58% to $13.1 million.
Milksolids payout pads Dairy Brands
Dairy Brands' May-year profit jumped from $1.7 million to $6.3 million as the company sells its assets and pays back shareholders.
The operating surplus rose from $119,000 to $3 million, reflecting a record $5 a kilogram milksolid payout and directors said they were considering a share buyback.
Metlifecare fills its homes
Aged care services operator Metlifecare broke a profit drought with a $3 million June first-half profit, a turnaround from a $1.3 million loss a year ago.
Last year's loss was due to a $1.6 million abnormal item while this year's profit was boosted by a $1 million extraordinary gain.
Under a new chief executive, former nurse Gavin Aleksich, the company is pursuing a three-year business improvement plan. Chairman Peter Fitzsimmons said performance had improved across all operating areas.Strong referrals to the nursing homes and hospitals had boosted occupancy levels while sales and resales - up 10 to 128 - were also strong.
Operating revenues grew 13% to $42.1 million and net operating cash flow rose 18.7% to $10.8 million.
Profit up but Tasman's farms all sold
Corporate dairy farmer Tasman Agriculture posted a record $59.1 million May-year profit, of which $34.6 million came from selling farms.
The company also benefited from strong milksolid payouts as operating earnings before interest and tax climbed by 55% to $26.6 million.
The sale of nine dairy units led to a 3.5% decline in milksolids production, to 17.5 million kilograms.
Tasman Agriculture began a "strategic selldown" of its dairy farms in September last year. Of the eight remaining units four have been sold unconditionally for $17.7 million, 41% above book value, for settlement this month.
The other four have been sold for $12.8 million, 38% above book value, for settlement in June next year.
Bumper gain for Baycorp
On the eve of its $1.9 billion merger with Australia's Data Advantage, credit services company Baycorp Holdings posted a 24% higher $20.7 million June-year bottom-line profit, the seventh consecutive record gain.
A $13.7 million gain on revaluing its 9.8 million Data shares, less $6.9 million of "costs associated with overseas investments," boosted the group net profit to $26.9 million.
Five of the group's six divisions recorded higher revenue, the exception being the "other business" division, where turnover fell by 44% to $1.47 million. The strongest performer was lending solutions, the loan management services division, where revenue more than doubled to $2.9 million.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes