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Week in review

Friday 15th August 2003

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Provenco Group posted a $6.4 million June-year loss after taking a $6.6 million writedown of its intellectual property. Revenue fell 23% to $47.7 million and operating profit was down 59% to $1 million.

Sky City Leisure announced a $3.4 million June-year profit, up from a $20.1 million loss a year ago. New Zealand cinema revenue rose by 7% to $28.9 million as admissions climbed to 5.5 million.

Tasman Farms' May-year profit fell to $640,000, from $6.1 million a year ago. Operating earnings fell as milk payouts, milk production, and livestock sales decreased.

Packaging group ACI appointed ABN Amro to conduct a strategic review of its Australian and New Zealand plastics packaging businesses. Amcor said it would be interested if they were put up for sale.

Richina Pacific reported a 15% lower $3.6 million June-year profit and said the Sars virus had had less impact than expected. The company has $37.5 million in the bank and will invest in the Chinese leather operation.

Guinness Peat Group's US subsidiary Staveley sold its non-destructive testing services division for $US37 million ($63 million). GPG will use the proceeds for "general corporate purposes."

Singapore's CET Technologies paid $1.2 million for a 9.9% stake in Cadmus Technology in a 16 million share placement at 7.5c each. CET will help Cadmus market its eftpos products in "targeted Asian countries."

In its first quarterly report, Infratil posted a $6.2 million profit for the three months to June on revenue of $35.7 million. Outgoing chairman Kevin O'Connor noted the strong recovery of TrustPower's share price and good results from Wellington and Prestwick airports.

Mighty River Power is issuing up to $150 million of retail bonds with a provisional BBB rating from Standard & Poor's. The state-owned generator raised $200 million in a similar issue in May.

Metlifecare posted a 53% higher $6.3 million June first-half profit on 23% higher revenue of $43 million.

SK Foods lifted its take-out offer to the minority shareholders of Cedenco Foods to $2.15 a share, from the $2.05 rejected as unfair in a Grant Samuel appraisal report. Grant Samuel valued Cedenco at $2.14 to $2.74.

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