Company results in brief

Friday 1st March 2002

Sky City Entertainment Group's core earnings rose 14% to $37.9 million in the December first half but the writeoff of $27.8 million on its investment in cinema operator Force Corporation cut the bottom-line profit to $10.1 million.

Tourism Holdings put its aviation businesses up for sale as it reported a 61% lower $2.6 million December first-half profit. Chairman Keith Smith blamed the fallout of the September terror attacks and said the full year might bring a break-even result or a small loss.

Dairy co-operative Fonterra, reporting for the first time since the merger of the Dairy Board, Kiwi Dairies and Dairy Group, announced a $2.9 billion December half-year "operating surplus" (profit) on revenue of $7 billion. Recent high export prices allowed the company to flag a 2002 $5.30/kg of milksolids payout to farmer shareholders. But it warned a post-balance date price downturn might cut that to as low as $5.20 and forecast a 2003 payout of $4.50.

Port of Tauranga reported a 16% December first-half profit increase, to $12.3 million, on revenue up $17.3 million to $43.4 million. Container volumes rose 16% to 162,000 20-foot equivalent units (TEUs). The Northport joint venture with Northland Port Corporation involving the establishment of a new deep-water port at Marsden Point was on budget and scheduled to begin operations in June.

Nuplex Industries' December half-year net profit rose 11% to a record $9.7 million on revenue up 4% to $214 million. The company forecast "sustained or improved growth" for the rest of the year.

Wholesaler and auctioneer Turners & Growers posted a 25% lift in December half-year net profit to $3.7 million. The company is pushing ahead with plans to issue to shareholders separate shares in Turners Auctions and to have both classes of share quoted on the secondary market.

Transtasman construction group McConnell Dowell's December first-half profit fell 32% to $A3.4 million ($4.1 million) as the Australian building downturn bit, but the company recovered from a $A3.9 million loss in the six months to June last year. Revenue rose to $A260 million, from $A209 million in the June half.

Laundry group Taylors reported a 28% higher $1.8 million December first-half profit on revenue of $26.8 million, up 25%. Directors said the trading pattern looked likely to continue in the second half.

Former oil explorer Spectrum Resources, now turned to technology investment, posted a $40,000 December first-half profit, down from $120,000 a year ago. The company said Kinetiq, a developer and marketer of software for energy companies, was performing strongly.

Jeweller Michael Hill International's December first-half net profit rose 12.5% to $8.7 million and the company heralded "enormous growth potential" from its plans to expand into Canada. Pre-tax earnings from New Zealand were up 22.5% to $6.5 million but Australian earnings fell by 10.2% to $7 million.

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