August 2004

New Dwellings Trend Continues Decline
Consents were issued for 2,347 new dwelling units in July 2004, according to Statistics New Zealand. The trend series for the number of new dwelling units has been declining since January 2004, following a period of steady increases which began in April 2003. Consents for 2,076 new dwelling units, excluding apartments, were issued in July 2004. [...]

Greenshell Mussels Win Top NZ Organic Awards
Successfully selling organic free range eggs into premium markets in the United States and Hong Kong has seen the Free Range Egg Company of New Zealand (FRENZS) win the 2004 Organic Exporter of the Year Award. The awards are run by the industry association Organic Products Exporters of New Zealand Inc (OPENZ), with New Zealand Trade [...]

Reduced Forest Valuation Impact Evergreen Full Year Result
Evergreen Forests Limited announced a full year after tax loss of $12.026m (2003 loss $36.484m) on turnover of $40.247m (2003 $40.100m). Forest revaluation was negative $17.298 (2003 $27.787), which includes a modest positive valuation movement of $2.348m in the second half year to 30th June, 2004. Chairman, Peter Wilson, said the result reflected the reality of reduced [...]

Trade Deficit For July
The estimated merchandise trade balance for July 2004 is a deficit of $373 million, or 15.0 percent of exports, according to Statistics New Zealand. A trade deficit is usual for a July month. The average July trade balance for the previous 10 years is a deficit of 10.5 percent of exports. The provisional value of merchandise [...]

McDonald's Prints 15 Million Nutrition Brochures
Starting in September, 15 million nutrition brochures will be available in McDonald’s New Zealand restaurants annually - on the back of traymats. McDonald’s Country Manager, Grainne Troute, says continuing to make nutrition information readily available is part of the company’s commitment to educate customers to help them make informed food choices. “At McDonald’s we know it is [...]

Household Numbers To Grow In Most Regions
The number of households is projected to increase in 15 of New Zealand’s 16 regions between 2001 and 2021, according to 2001-base subnational family and household projections released by Statistics New Zealand. Auckland Region is expected to have the fastest growth over this period, with the number of households increasing by 189,000 (45 percent), from 419,000 [...]

Narva And Repco Convicted For Misleading Cash Back Offer
Narva New Zealand Limited and Repco Limited have pleaded guilty to breaching the Fair Trading Act in relation to a misleading Projecta battery charger cash back offer. The two cases were heard separately in the Auckland District Court with Narva fined $1,000 in June and Repco $5,000 yesterday. Narva is a subsidiary of Australian company Brown [...]

Commission Clears ABF Overseas Limited To Acquire New Zealand Food Industries Limited
The Commerce Commission has cleared ABF Overseas Limited to acquire 100 percent of the shares of New Zealand Food Industries Limited, the New Zealand yeast business of Burns, Philp & Company Limited Group. The proposed acquisition is part of a global acquisition that will have the effect of transferring the international yeast, bakery ingredients and US [...]

Hirequip New Zealand Ltd Annual Result
The Directors of Hirequip announced today a record net profit for 2004, after tax and minorities, of $16.6 million, which is an increase of 188% compared with the prior year. A dividend of 2 cents will be paid on 24th September 2004 to shareholders recorded on the register on 17th September 2004. Hirequip's Executive Chairman, Graeme Wong, [...]

Commission Declines Gallagher Holdings Application
The Commerce Commission has declined to grant clearance to Gallagher Holdings Limited to acquire 100 percent of the shares of Tru-Test Corporation Limited. Chair Paula Rebstock said that the Commission was not satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in the national [...]

Value of Building Work Put in Place: March quarter
An error in processing has resulted in the publication of incorrect figures in the Value of Building Work Put in Place information release issued on 4 June 2004. The error affects all figures relating to the March 2004 quarter. The value of residential building work put in place in the March 2004 quarter has been revised [...]

Strong Year-End Result For Auckland International Airport Limited
Auckland International Airport Limited (AIAL) today announced a surplus after tax of $94.3 million for the year ended June 2004. The year saw passenger movements exceed 10 million for the first time and the company embark on a number of significant security and capacity enhancement projects. The airport company increased its surplus after tax by 22.8 [...]

Transfield Services Delivers $48.4 Million Profit Before Tax
Transfield Services has achieved profit before tax of $48.4 million for the year ended 30 June 2004. This represents a 33.7 percent increase on the prior comparable period to 30 June 2003. This result was achieved on revenue of $1,238 million, which represents an increase of 19.8 percent on the prior comparable period. As reported previously, [...]

Strong Result For Teamtalk's First Year
The Directors are pleased to present the financial results for TeamTalk Limited for the year ended 30 June 2004. It has been a significant and successful year for the company. TeamTalk has made a successful transition from private to public ownership with the listing on the NZX in May 2004. Results have exceeded the IPO [...]

District Health Board Deficit Decreases
The combined deficit of New Zealand’s 21 district health boards (DHBs) was $58.2 million for the June 2004 year, according to Statistics New Zealand. This was a $111.4 million decrease on the $169.6 million deficit recorded in the June 2003 year, and is $229.0 million lower than the June 2002 year deficit. Total DHB revenue for [...]

Telecom Signs Agreement For Computerland NZ
Telecom has signed a sale and purchase agreement to acquire Computerland NZ Ltd for $26 million. Computerland NZ Ltd will continue to operate as a stand-alone business within Telecom for at least 12 months with Computerland CEO Chris Mackay reporting directly to Telecom Chief Information Officer Mark Ratcliffe. Mr Ratcliffe said the acquisition is a very positive [...]

GDC Communications Builds New Platform for Growth
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report relates and is based on unaudited accounts. Key points- Half-year to 30 June 2004 - Repositioning of the Services division in line with demand and strategic opportunities - Benefits [...]

Feltex Delivers Earnings Above IPO Prospectus
Feltex Carpets Limited has today announced a net surplus of $11.2 million for the year ended June 2004, compared to $6.8 million in the previous year, representing a $4.3 million improvement. This performance exceeded the forecast made in the IPO prospectus by $1.1 million. FY 2004 FY 2003 Actual Actual $000 $000 Operating revenue 327,755 314,352 EBITDA - Before one-off [...]

Tourism Holdings Trading Profit Up 43%
Tourism Holdings Limited (THL) today reported an audited profit after tax (NPAT) of $11.2m for the financial year ended 30 June 2004 which compares to last year's profit of $8.7m. Excluding one off tax adjustments in both years and unusual items from last year the trading NPAT of $10.3m was $3.1m or 43% ahead of last [...]

External Migration: Visitor Arrivals Up 19 Percent
There were 173,300 short-term overseas visitor arrivals to New Zealand in July 2004, an increase of 27,800 or 19 percent on July 2003, according to Statistics New Zealand. In July 2004, there were more visitors from Australia (up 18,800 or 36 percent), China (up 3,200 or 98 percent) and Japan (up 1,500 or 15 percent) than [...]

Tenon Reports Steady Operating Earnings
AUCKLAND - Tenon today reported operating earnings from continuing activities, prior to unusual items, of $50 million, compared with $49 million in the previous year. The highlights included: Operating earnings, prior to unusual items and foreign exchange gains, of $41 million - up 37% on the $30 million in the prior year. Strong recovery in the [...]

Quarterly House Price Growth Slows
The growth in New Zealand house prices is slowing, as indicated by the quarterly house price index (HPI) figures released by Quotable Value (QV) today. Growth for the quarter ending June 2004 slowed to 1.9%, down from 5% for the quarter ending March 2004. Although quarterly growth slowed, the annual growth rate to June 2004 of [...]

Capital Goods Price Index Rises 1.5 Percent
Capital goods prices rose 1.5 percent in the June 2004 quarter compared with the March 2004 quarter, according to Statistics New Zealand. This is the largest quarterly increase in the Capital Goods Price Index (CGPI) since a 2.2 percent rise in the December 2000 quarter. On an annual basis, the CGPI rose 3.6 percent from [...]

New Zealand Power Use Reaches Record Level
National grid operator Transpower reported today that the nationwide demand for electricity reached record levels yesterday. New records were set for the total electricity used in one day, and for the amount being used at one time. General Manager System Operator Kieran Devine says the atrocious weather affecting most of the country saw power consumption soar to [...]

Electricity Distribution Update On Thresholds
The Commerce Commission has completed its initial review of the second self assessments of the performance of all 28 electricity distribution businesses against the price path and quality thresholds set by the Commission under Part 4A of the Commerce Act. Six businesses have been found to have complied with the thresholds, six have been found [...]

Ports Of Auckland Limited Records A 20% Rise In After-Tax Surplus
Ports of Auckland's surplus after tax including unusual items rose 20% to $57.2 million for the year ended 30 June 2004. Excluding unusuals, the surplus after tax increased 4% to $44.3 million. "This is another sound result," said the Chairman, Neville Darrow, on announcing the financial performance. "Ports of Auckland is a strong company underpinned by solid [...]

Shell New Zealand Releases Profit Results
Shell New Zealand continues its commitment to open and honest dialogue with the New Zealand public today, with the release of its financial results for 2003. The combined profit of Shell's businesses in New Zealand was $190 . 729 million, down on the $220.009 million record profit in 2002. Of this, the Oil Products (OP) business (includes [...]

Balance Of Payments And International Investment Position
Balance of Payments and International Investment Position (Additional Information on International Investment): Year ended 31 March 2004 Embargoed until 10:45am - 13 August 2004 No Change to New Zealand’s Top Three Investment PartnersLatest Statistics New Zealand analysis shows that New Zealand’s most important international investment relationships continue to be with Australia, the United States of [...]

Commission Reminds Traders: Claims Of 100% Leave No Room For Ambiguity
The Commerce Commission is reminding all traders that there is no room for ambiguity when making absolute claims about the composition of their products. Director of Fair Trading Deborah Battell said that Commission investigations into the juice, leather and most recently, feather and down industries, have all raised similar issues under the Fair Trading Act. “The Commission [...]

Auckland Property - Volume Down But Prices Hold
The latest sales figures from leading Auckland real estate firm Barfoot & Thompson indicate that while the Auckland property market is slowing, prices are holding steady. Director Peter Thompson says, "The average sale price pulled back slightly during July to $425,850 from $429,739 in June. However, when you take an average of the past three months, [...]

Offences Cost Repeat Fair Trading Act Offender Michael Knight Over $28,000
Repeat Fair Trading Act offender Michael Helsby Knight was fined $22,000 plus $6,430 costs in the Auckland District Court yesterday after pleading guilty to 12 charges of breaching the Fair Trading Act with respect to television and radio advertising production and placement company, One Connect Limited. The Commerce Commission prosecuted Knight alleging that One Connect had [...]

Trade Me And FreeParking Create Domain Marketplace
Online auction website Trade Me has partnered with internet domain name registrar FreeParking to sell "used" domain names. All domain names listed for sale on Trade Me will now be shown on FreeParking's "Used Domains" listing at www.freeparking.co.nz "The partnering connects sellers of existing domain names with buyers, and makes it easy to complete change of ownership," [...]

Pathetic Fine For Serious Breach Of Holidays Act
A $2,000 fine for an employer who hired an illegal worker and then ripped him off for seven years was pathetic and no deterrent to other employers determined to ignore the law, Council of Trade Unions president Ross Wilson said today. An Auckland bakery owner received the fine after he admitted employing an illegal worker and [...]

Record Result By Freightways Exceeds IPO Forecast
AUCKLAND, 9 August 2004 - Positive growth across all the markets in which it operates has seen Freightways Limited (Freightways) deliver record revenues and earnings for the year ending 30 June 2004. Freightways, which returned to New Zealand public ownership in September 2003 through a listing on the NZX, reported consolidated revenue for the financial year [...]

Major Christchurch Land Sale Announced
An entire stage of one of Christchurch’s most popular and successful subdivisions has been sold to one of the country’s leading healthcare providers. Local company Ryman Healthcare has bought stage three of the Aidanfield development in Halswell- a total of approximately 4.5 hectares of residentially-zoned land - for its next retirement village complex. The publicly listed [...]

Briscoes 2nd Quarter Sales to 31 July
The directors of Briscoe Group Limited announce that unaudited sales for the three months ended 31 July 2004 were $71.4 million, being 1.33% lower than the $72.3 million reported for the same quarter last year. The gross margin percentage generated for the second quarter, as for the first quarter, was significantly ahead of the gross margin [...]

New Vehicle Market Stays On Track In July
The new vehicle market in July reached 8494 units, a healthy 4% ahead of July 2003. New car sales were actually marginally down (by 102 units) compared with the same month a year ago, but this was more than offset by new commercial vehicle sales which exceeded last July's figures by 429. "Year to date the [...]

CDL Hotels: Chairman's Review For Half Year Ended 30 June
FINANCIAL PERFORMANCE The Directors of CDL Hotels New Zealand Limited (”CDL”) are pleased to announce an unaudited operating profit after tax of $13,425,000 for the six month period ended 30 June 2004, an increase of 16.1% from the corresponding period in the previous year. The operating profit before tax and minorities was $18,897,000 (2003: $15,757,000) with [...]

Seasonally Adjusted Exports Rise 9.1 Percent
The seasonally adjusted value of merchandise exports rose 9.1 percent in the June 2004 quarter, according to Statistics New Zealand. This is the largest percentage increase since the December 2000 quarter. The exchange rate depreciated 4.4 percent during the quarter, assisting export prices. The underlying trend for the value of merchandise exports has been rising [...]

Telecom Delivers Strong Annual Earnings Growth
Telecom today announced reported net earnings after tax for the 12 months to June 30 2004 of $754 million, an increase of 6.3% on the $709 million reported for the 2003 year. Adjusted net earnings for the 12 months to 30 June 2004 were $775 million, an increase of 10.1% on the previous corresponding 12 months. Reported [...]

Migration From 025 To 027 Continues At Pace
Telecom today confirmed its long-term plan to eventually close down its 025 network once the great majority of customers have upgraded to 027. "We've been actively encouraging customers for some time to upgrade to 027 which offers more services and options for customers," General Manager Mobile Kevin Kenrick said today. "The momentum around the shift to 027 [...]

Carter Holt Harvey Receives Approval From High Court
The High Court has today confirmed its approval of the return of capital on the basis set out in the Arrangement Document. The Record Date will be Friday, 20 August 2004 at 5.00 pm New Zealand time, and payment will be made to shareholders on Tuesday, 31 August 2004. One share in every four shares registered in [...]

Births Bounce Back
There were 57,890 live births registered in New Zealand in the year to 30 June 2004, Statistics New Zealand reported today. This is 5.4 percent more than in the year to June 2003 (54,940) and returns the number of live births registered to just under the number recorded in the June 2000 year (58,030). Annual birth [...]

Television Advertising Decline Rejected
The television industry rejects statistics that show any decline in advertising revenue. Industry spokesman, Bruce Wallace, executive director of the NZ Television Broadcasters Council, says the industry reports actual spending which, at $153.0 million, was up $26.5 million or 17.3% on the three months to 31 March 2004. He said that taking the six months comparison [...]

New Zealand Action Replay Stamps A World First
Four of New Zealand’s finest Olympians will relive their gold-medal winning moments in Wellington tonight at New Zealand Post’s official unveiling of the world’s first ‘action replay’ stamps. The stamps celebrate some of New Zealand’s heroic achievements in the Olympic arena and when tilted, replay original footage of the Olympic gold winning performances of Yvette Williams [...]

National Property Trust Annual Announcement
National Property Trust announced today an operating surplus of $5.9 million after tax and before revaluations (compared with $5.7 million last year) for the year ended 31 May 2004. The net surplus for the year including the unrealised increase in investment property values is $12.7 million (compared with $12.7 million last year). The net surplus represents an [...]

Fonterra Welcomes Breakthrough In WTO Round
Fonterra Chairman Henry van der Heyden today welcomed the agreement reached in Geneva in the early hours of this morning on a framework for the WTO Doha Development Round. "This is the breakthrough we have been looking for. It more than makes up for the disappointing set-back in Cancun last year, and puts the Round back [...]