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Week in review

Friday 8th August 2003

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Genesis Research & Development posted a $6.5 million June first half loss, up from a $5.3 million loss a year ago. The company said cash reserves of $28.6 million, down from $42.2 million a year ago, were sufficient to fund operations for "a number of years."

Elders Finance reported a $19.6 million June-year profit, down from $24.4 million in the previous year which included $10.3 million of one-off gains. Total assets climbed 18% to $578.5 million.

Standard & Poor's affirmed state-owned generator Mighty River Power's BBB credit rating and revised the outlook to positive from stable. Chief executive Doug Heffernan said the move acknowledged progress from the high debt levels the company inherited on formation in 1999.

Dairy giant Fonterra raised $US165 million ($280 million) through a 12-year debt placement to US institutional investors. The placement replaced shorter-term debt as the company reconfigured its debt maturity profile.

The Warehouse's July third-quarter sales rose 14.2% to $499.7 million compared with the July quarter last year. Australian sales were up 19.1% in Australian dollars but Australian same-store sales rose only 4.6%.

Briscoe Group's July third-quarter sales were up 10.6% to $72.3 million. Same-store sales rose 7.2% but the gross margin declined as a result of the more competitive retail sector trading environment.

Tourism Holdings lifted its forecast June-year profit to $7.5 million, including $500,000 of unusuals, from the $4.5-5.5 million forecast in May. The lift was attributed to better revenue from THL Rentals in Australia and improved New Zealand performance.

National Bank made a 34% higher, £147 million ($406 million) first-half profit. ANZ Bank, Westpac, Commonwealth Bank of Australia, and HSBC were tipped to be on the short list of prospective buyers.

Christchurch's Jade Corporation announced an unspecified recapitalisation by private investors and said a public float was still "some way off."

Certified Organics lost $899,000 in the June first half, an improvement on last year's $1.24 million loss. First half sales of $255,000 were up 163% and ahead of the company's forecast, and July sales were $200,000.

Nuplex Industries is selling its Medismart and Sharpsmart investments to Stericorp.

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