Right on deadline

Friday 9th August 2002

Tranz Rail probe

The Securities Commission and the Stock Exchange are investigating complaints Tranz Rail failed to disclose information.

The exchange's market surveillance panel said yesterday it had referred complaints Tranz Rail had failed to provide the market with relevant information known to its directors and former major shareholders - Fay Richwhite, Pacific Rail, and Berkshire Partners - to the commission.

The panel is also considering whether the exchange's listing rules had been breached.

The former holders bailed out in February, selling their shares to local institutions.

The share price has since collapsed under a tide of bad news from the company.

Cathay picks up

Hong Kong-based Cathay Pacific Airways has reported a half-year profit to June of $HK1.41 billion, up 7% on 2001 and beating most analysts' forecasts.

The company said the result reflected a 7.6% reduction in operating costs and a steady recovery in market conditions.

Further improved performance was expected in the second half.

Chairman James Hughes-Hallett said more travellers had enabled the carrier to put grounded aircraft back in the air and resume services temporarily suspended after the post-September 11 industry slump.

He said that while overall load factors during the half-year were high, business travel demand remained weak and as a result passenger yield fell 4%.

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