Company results

Thursday 5th February 2004

Vending Technologies posted a $1.9 million December first-half profit, up from a $1.8 million loss a year ago. At year-end the company had 50 franchise operators, up from 36 last June. It said it would invest significantly in its international expansion after entering the US and Europe.

National Property Trust's $3.2 million December first-half profit was up 65% on the same period a year ago following last year's acquisition of Newmarket Property Trust. Revenue was up 68% to $8.9 million. The Rialto Centre and AA Building in Auckland and the Eastgate development in Christchurch were all nearly fully leased.

Lloyd Morrison's Infratil 's ebitda (earnings before interest, tax, depreciation, and amortisation) for the nine months to December rose by 25% to $48.6 million. The bottom line profit of $20.7 million included $2.5 million of investment realisations, compared with a $38.4 million profit and $33.4 million of realisation gains a year ago.

The New Zealand Wine Company's December first-half profit fell to $321,000, from $596,000 a year ago, due to "a change in buying pattern in two of the company's main markets from bulk ordering to 'just in time' ordering." Chairman Mark Peters said he expected a better second half.

TrustPower posted a $15.8 million December third-quarter profit, up from $16.1 million a year ago. Earnings before interest, tax, depreciation and amortisation were up 23% to $35.6 million due to retail power price rises. The company is returning $85 million of shareholders' capital and replacing it with bonds to fund wind farm investment.

Burns Philp's bottom-line profit for the December first half fell by 9.3% to $A86.3 million due to the appreciating Australian dollar and the acqusitions of Goodman Fielder and Fleischmann's Latin America. Earnings before interest, tax, depreciation and amortisation rose to $A272.6 million, from $A153.5 million a year ago.

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