By Phil Boeyen, ShareChat Business News Editor
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Monday 19th November 2001 |
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The company, which operates stockbroking, publishing and investment banking businesses in New Zealand, had sales revenue for the six months ended September of $305,000 and total revenue of $326,000.
"As we stated in our Annual Report, NZIJ Stockbrokers has continued to face difficult market conditions, which certainly haven't been assisted by the events of September 11," the company says.
Despite the tough market NZIJ says it is enjoying increased turnover and earnings in the fixed interest sector as people turn away from equities.
The company also report that its stockbroking arm has established three companies that align with its work in private equity and venture capital investment in science, technology and innovation.
There are plans for one of these, Science Technology and Innovation Company (STIC), to consider seeking a public share offer sometime next year.
NZIJ says STIC is a sector specific venture capital business that has been established to invest in innovative science and real technology businesses in New Zealand.
"STIC's establishment resulted from discussions with the Crown Research Institute, Industrial Research Ltd, on ways to complement IRL's business incubator programme with additional commercial skills to assist rapid business development and commercialisation."
NZIJ says the VC company will focus on investing at the seed, start-up or early stage of a venture.
Another company which has been started is Seahorses Australasia, focusing on land-based aquaculture, and Distributed Generation Ltd (DGL), aimed at developing and operating economically, environmentally and socially sustainable energy solutions for consumers.
"DGL's activities are based around distributed generation. Distributed generation (DG) is the use of various small-scale power generation technologies near the site of need. DG has particular value where there are electricity or gas network constraints that add significant costs to the distribution of bulk supplied energy.
"The benefits of using DG for customers can include lower costs, improve reliability, reduction in emissions, or expansion of their energy options."
NZIJ says both Seahorses Australasia and Distributed Generation have been set up in conjunction with private investors.
"DGL is currently doing due diligence on an established mini hydro scheme with the intention of this becoming DGL's first investment," the company reports.
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