Wednesday 30th July 2008
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Net income rose to $7.9 million from $5 million a year earlier, the Auckland-based company said in a statement. The profit about matched Abano's January forecast of $7.9 million.
Profit this year may rise to $10.5 million, though the extent of the current downturn in economic growth "must be regarded as a risk factor," chairwoman Alison Paterson said
The company's stock has gained 26% in the past 12 months, a stand-out compared to the benchmark NZX 50 Index, which dropped by about the same amount. Two suitors, the Stewart family's Masthead Portfolios and Crescent Capital Partners, have sought to control Abano in the past year, helping drive the stock price higher.
"In spite of several months of distraction from external corporate interest, the core business has continued growing," Paterson said.
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