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Company Briefs

Friday 22nd September 2000

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Infrastructure Auckland posted a $60.6 million pre-tax profit for the June year, boosting the funds available for infrastructure grants to $815.2 million. It paid out only $4.9 million in grants over the year.

New Zealand Post lost $3.8 million in the June third quarter, blaming lower mail volumes on the flat economy and growing electronic substitution.

Southern Cross made history with a third application to the Commerce Commission for clearance to buy its biggest competitor, Aetna Health NZ. It is now undertaking to sell all Aetna's insurance policies.

Norske Skog Australasia, the renamed Fletcher Paper, signed contracts with News Ltd, John Fairfax, and West Australian Newspapers for the supply of newsprint from its mills in Australasia.

Former Pacific Retail chief executive Nick Lowe replaced Wayne Walden as chief executive of department store chain Farmers Deka.

The independent directors of AAPT recommended shareholders accept Telecom's $A7.25 a share bid for the shares it doesn't own.

Eric Watson's Cullen Investments bought the 40% of Blue Star Business Solutions it did not already own from US Office Products for an undisclosed sum.

Capstone Turbines, of which Fletcher Energy owns 11%, landed a second order, from Hanover Compressor Co, for its microturbines. Hanover will also act as the US distributor.

New Zealand Insurance is outsourcing 50% of its external claim assessment to GAB Robins. NZI said such agreements were common overseas but had not yet caught on here.

Capital Properties copped criticism from the Stock Exchange's market surveillance panel for publishing untrue accounts. Accounting for a $19.7 million drop in the value of its investment properties would have turned the claimed $13.1 million profit into a $6 million loss.

Dairy Board lawyers lodged a challenge to the validity of patents held by A2 Corporation over research showing a possible correlation between milk and diabetes.

Aquarium operator Aquaria 21 posted a $13.6 million June half-year loss, up from a $2.4 million loss a year ago. It wrote off $10.8 million on the sale of the Shanghai aquarium.

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