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Company Results

Friday 29th August 2003

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Designer Textiles posted a $3.4 million June-year profit, up from $3.3 million a year ago. Chief executive Andrew Moller said the company was well-positioned for future growth.

Baycorp Advantage reported a $19.4 million June-year loss, down from a $5.9 million profit a year ago, after booking $38.1 million of one-off losses. Earnings before interest and tax before one-offs were up 41% to $21.4 million. Managing director Keith McLaughlin will retire in June next year.

Auckland International Airport had yet another record year, posting a 16.7% higher $83.5 million June-year profit. The result was boosted by a $6.7 million one-off gain from the transfer of a bridge and roads.

Hellaby Holdings' underlying profit rose by 11.3% to $15.7 million and one-off tax adjustments boosted the bottom line to $22.2 million, up 57.6%. The group expects a higher underlying after-tax profit this year.

Shotover Jet's pre-tax profit rose by 5.2% to $4.5 million but a move to full taxpaying reduced the bottom line to $3.2 million, down 20%. The company, 88.3% owned by Ngai Tahu Holdings, expects an improved return this year.

The TeNZ index fund, which tracks the top 10 stocks listed on the stock exchange, posted a 20.8% lower $1.4 million June first half surplus.

Tourism Holdings beat market expextations with a $8.7 million June-year profit, up from $300,000 a year ago. It said forward bookings for the summer season appeared to have recovered to pre-SARS and September 11, 2001 levels.

Port of Tauranga's June-year profit rose by 20.5% to $31.2 million including a $2.2 million one-off accounting gain arising from the establishment of the of North Tugz joint venture. Container volumes at Metroport in South Auckland were up 26%.

Blue Star Print Group reported a 1% rise in June-year revenue, to $296.1 million. Earnings before interest, tax, depreciation, and amortisation fell by 3.3% to $32.4 million due to restructuring costs and a lower contribution from Australia because of the strong New Zealand dollar.

Pyne Gould Guinness posted a steady $12.7 million June-year profit despite "more difficult rural sector conditions." Revenue was up 12% to $287.7 million.

Writedowns of $43.6 million, including a $27 million writedown of the value of its forests, took Evergreen Forests to a $36.5 million June-year loss. Operating profit was steady at $7.1 million.

Nuplex Industries' June-year profit rose by 63% to $20.7 million following the acquisition of Asia Pacific Specialty Chemicals. Nuplex reported strong market demand.

Freightways posted a 33% higher $17.3 million June-year profit as owner ABN Amro Capital announced a sharemarket float. The company said it had yet to experience any noticeable slowdown in the economy.

Cavalier Corporation's June-year profit rose by 39% to $18.3 million. Revenue was up 17% to $193 million.

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