By NZPA
|
Friday 5th July 2002 |
Text too small? |
Its earnings for the June 2001 half year were $6.7 million. Shareholders had been told at the company's annual meeting in April that this year's first half performance would be behind last year's result.
The result will be announced on August 8.
Shares in Waste Management shot up 11c to $3.19 after the announcement, which also included news of two purchases and a sale.
The company had successful made two "tuck-in" business acquisitions effective from July 1. One in Melbourne involved the the purchase of the All Waste liquid waste collection and treatment business from Thiess Services Pty Ltd, which would be folded into Waste Management's Hines purchase last year.
By dismantling the All Waste treatment plant, volumes processed through the Hines plant would increase by 30 percent, the company said in a statement.
The company had also bought a frontload collection business in Timaru, Commercial Rubbish Contractors, complementing Waste Management's rural residential collection contract with the Timaru District Council.
The two purchases were expected to add than $3.5 million to the company's revenue, and the $3 million cost would be funded by additional debt.
Waste Management also announced the sale in Auckland of its Budget Bins frontload business to e-Waste for under $1 million. The deal involved securing certain disposal volumes for its Redvale landfill.
No comments yet
