Company results

Friday 6th August 2004

CDL Hotels' June first-half profit rose 14.5% to $9.3 million. The company said the second quarter was the strongest it had ever had. Managing director Tsang Jat Meng said the company's second half was traditionally strong.

CDL Investments reported a 28.4% higher $4.7 million June first-half profit. It said the lift, despite lower sales volumes, was the result of a higher proportion of high-value, high-margin section sales.

"Incredible" demand for the Apple iPod and iPod mini digital music players helped boost Renaissance Corporation's June first-half profit to $775,000, from $701,000 a year ago. But that was on revenue of $51.2 million. The company noted margins were "under pressure."

Retirement village operator Metlifecare's June first- half profit rose by 30% to $8.2 million, driven by the buoyant property market and stronger operations. First New Zealand Capital lifted its valuation and upgraded its rating of the shares to neutral.

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