Week in review

Friday 8th November 2002

Lion Nathan's September-year profit rose 20% to $A162 million ($183 million). Lion reported strong earnings growth from the Australian and New Zealand brewing units while losses in China fell by 24% to 64 million renmimbi ($15.6 million).

Bank of New Zealand posted a 17.3% higher $516 million September year profit.

The Warehouse reported a 13% rise in October first quarter sales, to $436 million. New Zealand sales rose 11.8% to $285 million, Warehouse Stationery sales rose 29.2% to $35 million and The Warehouse Australia sales rose 18.7% to $A100.3 million ($114 million).

Receivables management group RMG appointed yet another chief executive Ron Logan, formerly general manager, retail operations at Commonwealth Bank of Australia.

New Zealand Oil & Gas will begin exploration drilling at its Tui in February in partnership with Bermuda-based Transworld Oil.

Enza announced an average final season pipfruit payout of $24 a tray, or $208 million in total, but warned next year's payout could be lower.

Rating agency Standard & Poor's put Lumley General Insurance NZ on creditwatch after British parent Lumley Group said it would sell its New Zealand and Australian units. Analysts expect a single buyer, probably from Australia.

Northland Port Corporation posted a 45% higher $2.4 million September half-year profit. Chairman Mike Daniel predicted a profit of more than $4.5 million for the 15 months to June 2003.

Williams & Kettle sold its last W&K Liquor outlet, at Napier, for a profit.

Horizon Energy Distribution's September first-half profit fell 9.4% to $2.8 million. Horizon said the full-year profit would be close to $5 million.

Mighty River Power, trading as Mercury Energy, was fined $14,000 for breaching the Fair Trading Act with misleading advertising. Mercury failed to honour a promise to read customers' meters monthly.

The Takeovers Panel cleared Lowe Corporation to proceed with its offer for Blue Sky Meats after last week restraining Lowe because of concerns one shareholder was being offered more than others.

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