The week in review

Friday 15th February 2002

ASB Bank's unaudited after-tax operating profit rose 18% to $106 million for the six months to December 31 on the back of a 40% increase in home loan approvals and a 41% increase in business and rural loans. ASB Bank is a subsidiary of Commonwealth Bank of Australia.

Carter Holt Harvey announced an agreement with California-based SierraPine to import and market Carter's Customwood medium density fibreboard in North America.

Caci Group bought its Dunedin franchise operation to further expand its direct presence in the South Island. The company now has 16 franchised outlets, 14 in the North Island and four wholly owned clinics.

Standard & Poors announced a long-term rating of BBB+ and a short-term rating of A-2 for state-owned Genesis Power with a stable rating outlook.

Colonial First State Property Trust posted a net surplus of $10.96 million for the nine months ended December, similar to the previous result. The trust's portfolio is 99% occupied and net income was in line with expectations.

Perth-based Foodland Associated's Farmers department store chain and Progressive supermarket businesses all recorded improved sales in the second-quarter. Sales at Farmers' stores grew 9.7%, including sales at the chain's new annex stores previously occupied by Deka.

Telecom won a three-year, $A35 million contract to provide services to transport and logistics company Toll Holdings. The contract is the third major win for the company's Australian subsidiary, TCNZA, since it was established two years ago.

Shareholders in cinema operator Force Corp were given a further week to take up a rights issue after it announced it had written off the balance of its 25% investment in Village Cinemas in Argentina, valued at $12.15 million, and reduced its guarantee of a $US45 million loan to $US4 million from $US15 million.

South Port's net profit jumped 65% to $1.5 million for the six months ended December. The Bluff-based port company's result compared with $910,000 for the previous period and included non-recurring net gains of $183,000 arising from a property sale.

Designer Textiles is paying a dividend again after returning an interim profit of $1.32 million, more than double the previous result. The dividend payout for the six months to December is 1c a share, the same as the previous half-year.

Contact Energy has confirmed a final fully imputed dividend of 2.5c a share, bringing the total payout for the September year to 19c.

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