The week in review

Friday 3rd May 2002

Westpac Banking Corporation reported a 10% higher March first-half net profit of $A1.02 billion ($1.23 billion) and said it had agreed to sell its Australian and New Zealand AGC finance subsidiary to the US' GE Capital. New Zealand banking unit WestpacTrust's profit rose by 7% to $231 million.

Diary giant Fonterra won commerce Commission approval to lift its 50% stake in Grated Cheese Co to full ownership. Fonterra downgraded its forecast milksolids payout for the 2002/2003 season to $4 a kilogram, from $4.50.

Baycorp Advantage will pay $A4.4 million ($5.3 million) for a 37.5% stake in Singapore's first consumer credit bureau in a joint venture between DBIC Holdings, owned partly by Baycorp and partly by Dun & Bradstreet, and ABS, the Association of Banks of Singapore.

Air New Zealand shares rocketed after the airline said better than expected performance would see it break even in the June full-year. The previous forecast was for a $63.4 million loss.

Hong Kong's SEA Holdings, the majority owner of listed property investor Trans Tasman Properties, said it would vote against a wind-up resolution proposed by Guinness Peat Group. It said it took a long-term view and TTP shareholders who were disgruntled could sell on-market.

Australia and New Zealand Banking Corporation's March first-half net profit rose by 17.3%, to $A1.05 billion ($1.26 billion).

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