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Stocks to watch: AIA, Air NZ, Nuplex, Hellaby, Ebos

Friday 26th February 2010

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Another big earnings week draws to a close today with heavyweights Air New Zealand, Auckland International Airport and Vector due to report.  Hellaby's share price jumps 4.7% as first-half profit soars and Nuplex posts record jump in profit as China buys high-margin chemicals.

 

Auckland International Airport (NZX: AIA ): The gateway airport operator announced a pre-abnormals profit for the six months to December 31 this morning, up 4.7% to $54 million, and has raised its earnings guidance for the full year to between $100 million and $105 million, against previous guidance of $93 million to $100 million.  Retail earnings were down, while smaller aircraft and fewer flights affected earnings.  However, the outlook is firming, the company says. AIA shares last traded yesterday at $1.86; 

Air New Zealand (NZX: AIR ): The national airline is reporting that net profit for the six months to December 31 more than doubled to $54 million from $24 million in the corresponding prior period as lower cargo and passenger volumes were offset by plummeting fuel costs.  AIR shares will open today at $1.31; 

Ebos Group (NZX: EBO ): Chief executive Mark Waller said the company has $100 million to spend on acquisitions and is attracted to companies in the scientific products distribution space in Australia. The Christchurch-based distributor of medical, surgical, retail, dental and scientific products to the healthcare market in New Zealand and Australia yesterday posted a 38% gain in first-half earnings and indicated full-year net profit will reach the consensus of analyst estimates – a record $23.5 million. Ebos was unchanged yesterday at $5.97; 

Hellaby Holdings (NZX: HBY ): The diversified investment group gained 4.7% to $1.55 yesterday after reporting first-half profit soared to $2.3 million from a year earlier $372,000, as it recouped $1.2 million of provisioning on the sale of its BBQ Factory chain in 2008; 

Lyttelton Port Co. (NZX: LPC ): The company in talks for a possible operational merger with Port Otago, yesterday posted a 35% drop in first-half earnings and said full-year profit would be at the bottom of its forecast range. The shares last traded at $2.45; 

Nuplex Industries (NZX: NPX ): The specialty chemicals group yesterday announced a record 477% increase in interim profit, driven chiefly by strong demand growth from China.  “On the demand front, clearly there was significant demand growth in China, and all that growth was in high-end sophisticated product areas which carry high margins,” Nuplex managing director John Hirst told BusinessWire. The shares rose 2.4% to $3.41; 

PGG Wrightson (NZX: PGW ): New Zealand’s biggest rural services company yesterday named John Anderson as chairman of a revamped board and reported a modest profit on reduced spending by farmers and costs to refinance debt.  While risks remain, “there appears to be a general lift in farmer and grower sentiment from recent improvements in dairy commodity prices and global economic conditions,” the company said. Wrightson climbed 3.5% to 60 cents yesterday; 

Port of Tauranga (NZX: POT ): New Zealand’s biggest export port edged up 0.3% to $7 yesterday after posting a 2% gain in first-half profit by reining in costs as freight volumes fell, eroding revenue. The port company said full-year earnings would be little changed from last year, when it had a profit of $45 million; 

Widespread Energy (NZX: WEN ) and its associate Widespread Portfolios (WID) have been granted a prospecting permit on the Chatham Rise, allowing them to test whether the area contains an estimated 100 million tonnes of rock phosphate, which could be worth $28 billion. WID last traded at 17 cents while WEN 17% to 10 cents yesterday. 

 

Economic themes of the day:  On the international front, weak manufacturing data from the US overnight and a threat by credit rating agency Moody's Investor Services that it may cut Greece's BBB+ rating one or two notches within the next month. US jobless claims also jumped unexpectedly.

 

 

 

Businesswire.co.nz



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