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Week in review

Friday 1st August 2003

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NZX, the newly listed Stock Exchange company, made a maiden $584,000 June first-half profit. The result was down from the $1.9 million profit for the six months to December.

Trans Tasman Properties bought another 52ha of land next to its Airpark business centre adjacent to Auckland Airport for an undisclosed sum. TTP plans to start developing the business-zoned land in the last quarter of this year.

Eldercare bounced back into the black with a $2 million May-year net profit, including a one-off $1 million gain from the sale of its Regent's Park property. Revenues of $57.8 million were up 44% and operational earnings were up 168% to $9.4 million.

Dairy Brands reported a $623,000 May-year loss after consolidating the acquisition of British business information company Hemscott, which lost £600,000 before tax in the June first half.

National Property Trust's May-year profit before unusuals and tax was $4 million, up a fraction from the previous year. A $253,000 surplus from property sales and $7.1 million of unrealised revaluations took the bottom-line profit to $12.7 million, from $2.7 million a year ago.

The Guardians of the New Zealand Superannuation Fund chose BNP Paribas as custodian after a competitive tender. The fund's strategic asset allocation will be announced on August 14.

The Crown will pay for and own the 155MW diesel-fired dry-year reserve power plant Contact Energy was planning for its Whirinaki site. Contact will build and operate it.

Ravensdown Fertiliser Co-operative posted a $61.8 million May-year profit and will distribute $52.2 million to shareholders through a rebate and bonus issue. The value of distribution is $34.60 a tonne.

Ballance Agri-Nutrients Co-operative reported a $47.2 million May-year profit. Distributions to shareholders will average $18.63 a tonne.

Nuplex Industries appealed to the High Court an Environment Court interim order to shut down parts of its East Tamaki waste processing site.

Rocom Wireless lost $578,000 in the June first half, compared with a $534,000 profit a year ago. The company said the loss was a result of "right-sizing" the business.

Five Telecom competitors asked the Commerce Commission to investigate local and cellular number portability.

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