Week in review

Friday 5th March 2004

AMP announced a loss of $6.2 billion for 2003, reflecting writedowns and losses on its ill-fated UK expansion. For the demerged AMP, profit after tax rose to $693 million, compared with $283 million in the previous corresponding period.

Clothing company Pacific Brands set the price for its share issue at $2.95 subject to a lower price being determined by an institutional bookbuild. The transtasman float, by its private equity owners, will raise up to $1.46 billion.

NZAX-listed health products company Comvita reported a 60% higher $1.1 million calendar 2003 profit and a $7.5 million public share offer.

Cube Capital's calendar 2003 loss doubled, to $1.6 million. Revenue was flat at $12.6 million.

Newcall tagged its lower 2003 $114,000 profit, down from $1.9 million in 2002, on the liquidation and sale of energy subsidiary Encil. Chief executive Jim Bracknell said Newcall was unlikely to be profitable again without a merger or acquisition.

Newcall is to spin off technology subsidiary Newcall Technologies to shareholders and rename it Holly Springs Investments. Shareholders will receive one share for every 100 held.

Provenco has agreed to sell its APL+ software services business in New Zealand and Australia to Great Island, owned by IT specialists Lincoln Watson and Drew Gilpin. Settlement is scheduled for March 12 when the APL+ business will continue as usual.

New Zealand Dairy Foods Holdings posted an $18.019 million interim after tax profit for the six months to December 31, up 65.1% on the earnings of $10.911 million in the same period last year.

Allied Farmers reported a half-year net profit after tax of $1.3 million, down 10% on the $1.5 million posted for the same period last year. Sales were down 4.1% to $37.8 million.

Tasman Farms said difficult farming conditions led to an after-tax net loss of $1.28 million for the half year ended November 30, down from a net surplus of $1.74 million for the previous corresponding period.

Guinness Peat Group boosted its December full-year net profit 50.6% to £64 million ($173.7 million). As usual GPG announced a 1:10 bonus issue and a 1p annual dividend.

Electricity lines company Vector rebranded its telecommunications network company, Tangent, as Vector Communications.

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