By NZPA
|
Monday 17th February 2003 |
Text too small? |
The Auckland-based waste collection and treatment company will pay a dividend of 8.3 cents per share on March 31.
Shares in Waste Management rallied 5c to $2.95 on the result.
It beats early forecasts, made by the company when it released its interim result in August last year, by about half a million dollars.
The result was based on total operating revenue of $164 million, compared with $154 million in the same year ago period.
Earnings per share increased to 15.3 cents, from 13.4 cents.
Highlights of today's result included a strong recovery in the Auckland market; a full year of contributions from Australia; price increases at Redvale Landfill; and a full year of benefits from disposing at the Tirohia Landfill in the Waikato.
Strong operating cash flows and a foreign exchange gain helped the company reduce total debt by $11.7 million to $53.1 million.
That left it well placed to fund further growth opportunities in the coming year, Waste Management said.
The company has signed an option agreement for the purchase of properties and consents for a transfer station and landfill in the Adelaide market.
Due diligence and market evaluation are taking place with the option period expiring on June 30.
Waste Management said it was committed to expanding the business offshore through organic growth and by acquisitions in Australia.
It is also looking at potential landfill and landfill gas to energy projects in Asia.
No comments yet
