Week in review

Friday 22nd November 2002

Contact Energy's September-year net profit was $107 million, down from $130.7 million in 2001 when wholesale prices rocketed. Chief executive Steve Barrett called on the owners of the undeveloped Kupe and Pohokura gas fields to "get on with it."

Start-up winemaker Waipara Hills lost $1 million in the 10 months to June, $135,000 more than the prospectus projection, because of extra costs incurred during a delayed startup. It said 2003 volumes might be lower than projected because of bad weather.

Transport operator Mainfreight more than doubled its September first half profit, to $2.51 million, on improved performances from New Zealand, Australia, Asia and the US. It said the third quarter was going well, reflecting a strong local economy and further improvement overseas.

State-owned coal miner Solid Energy posted a $38.1 million June-year profit, up from $6 million a year ago, on sales up 21% to $264 million. The company delivered the last of its loss-making foreign exchange hedges and repaid to the government the $42 million loan advanced in 1999.

Contact Energy and Genesis Power have asked the Commerce Commission to clear competing bids for Natural Gas Corporation's Stratford power station. Contact also applied for clearance to buy NGC's Cobb station.

Talley's Fisheries granted ANZ Bank a guarantee/put option for a loan to meat processor Affco, of which Talley's owns 26.4%. The Stock Exchange's market surveillance panel granted Affco a waiver from the listing rules, under which the deal is a material transaction with a related party.

AMP foreshadowed write-offs of $A1.2 billion ($1.35 billion) as it confronted problems in its British operations. Rating agency Standard & Poor's put the company on creditwatch negative.

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