Monday 25th August 2008 |
Text too small? |
Profit rose to $82.7 million in the 12 months ended June 30, including a $40 million gain from the sale of the company's 13% stake of Dairy Holdings, it said in a statement today.
South Canterbury, which a BBB- credit rating, had a reinvestment rate of 63.7% last year as it weathered a slump in finance company liquidity that caused more than 20 rivals to fail or suspend payments. Pretax earnings may fall 43% this year to NZ$47 million, it said today.
Market conditions "remain difficult," said chief executive Lachie McLeod. Still, "we are enjoying the strongest inflows of new investment funds" for two years, he said.
The company has some NZ$400 million in cash and undrawn banking lines and expects to retain "strong cash reserves" in the current year, he said.
No comments yet
SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report