Business and Commerce News

September 2004

Value of Building Work Put in Place
The value of residential building work put in place was $1,910 million in the June 2004 quarter, up $395 million (26 percent) when compared with the June 2003 quarter. For the year ended June 2004, the value of residential building work put in place was $6,917 million, up $1,326 million (24 percent) when compared with [...]

Building Consent Values Increase
The value of consents issued for non-residential buildings in August 2005 is $387 million, which is $79 million (26 percent) higher than in August 2004, Statistics New Zealand said today. The main contributor to the August 2005 value was shops, restaurants and taverns at $95 million.For residential buildings, the value of consents issued in August [...]

Foreign exchange and derivatives turnover survey
New Zealand’s foreign exchange market handled an average of US$7.5 billion per day in April 2004 (relative to US$4.2 and US$7.6 billion per day in April 2001 and 1998 respectively), according to a Reserve Bank survey released today. These results are part of a triennial survey of 52 central banks and monetary authorities co-ordinated by the [...]

Auckland Airport land transport access put under microscope
Auckland International Airport Limited (AIAL) is undertaking a major study into land transport issues at New Zealand’s largest airport, helping identify options to improve roading and public transport access. “This initiative follows concerns about access at peak periods and the unpredictability of the time it takes people to get to and from the airport,” says AIAL [...]

New Name For Northland
An application by Federated Farmers of New Zealand (Inc) to the Registrar of Incorporated Societies to have Federated Farmers of New Zealand (Northland Province) Inc change its name has been successful.The Registrar found: � The relationship between Northland and the Federation has broken down Northland has not been a province of the Federation since at least April 1999 Northland [...]

Prime Infrastructure Exemption re Offer for Powerco
The Takeovers Panel today considered the unforeseen implications arising from an exemption granted to Prime Infrastructure Networks (New Zealand) Limited in respect of its proposed offer for Powerco Limited. Part of the exemption allows Prime Infrastructure Networks to offer certain overseas shareholders cash only instead of the cash and scrip offered to all other shareholders. The exemption [...]

Average Incomes Rise
Average weekly gross income for all people from all sources was $554 in the June 2004 quarter, up 2.6 percent from the June 2003 quarter, according to Statistics New Zealand. Average weekly income from all sources was $700 for males and $417 for females.Between the June 2003 and June 2004 quarters, average weekly income from [...]

Big Kyoto liability looming
The news that Ireland has abandoned carbon taxes should prompt the New Zealand Government to think again about its commitment to the Kyoto Protocol, says Business NZ. Chief Executive Simon Carlaw says Ireland has concluded that costs outweigh the environmental benefits, and New Zealand should similarly consider whether it will gain more benefit than cost. He says [...]

Farmers Urged To Use Free Agrichemical Collection
Farmers should make the most of free collection services for unwanted agrichemicals, says Hugh Ritchie, National Board member of Federated Farmers of New Zealand (Inc).Mr Ritchie was responding to the Government’s ratification today of the Stockholm Convention, which bans the import and manufacture of nine persistent organic pollutant pesticide (POP) substances. The substances are Aldrin, [...]

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 [...]

Bridgecorp and King give enforceable undertakings to sell shares and cancel agreements
The Panel has accepted enforceable undertakings from Bridgecorp Capital Limited, Bridgecorp Holdings Limited, Brent King and Snowdon Peak Investments Limited made under section 31T of the Takeovers Act relating to Dorchester Pacific Limited and involving: the compulsory sell-down of shares in Dorchester Pacific Limited, the immediate cancellation of various agreements, and�a standstill of further acquisitions of Dorchester [...]

Economic Activity Continues to Rise
Economic activity increased 0.9 percent in the June 2004 quarter, according to Statistics New Zealand. This follows increases of 2.1 and 0.9 percent in the March 2004 and December 2003 quarters, respectively. In the year ended June 2004, the economy grew 4.4 percent, up from the 4.1 percent increase in the June 2003 year. Internal [...]

Pork Industry Leads With Electronic Traceability System
NEW ZEALAND - The New Zealand Pork Industry Board has created a technological first for New Zealand agriculture with the launch of the first electronic Animal Status Declaration in the New Zealand in this country. The launch has been timed to coincide with the law change on 1st October making it mandatory under the Animal Products [...]

Commission grants clearance to iSOFT
The Commerce Commission has granted clearance to iSOFT NZ Limited to acquire certain assets currently owned by Hewlett-Packard New Zealand, comprising five customer contracts for the provision of software support services, and associated goodwill and intellectual property rights in the HOMER and ORA*CARE software. The five customer contracts are with the following organisations: � Healthcare Otago Limited [...]

Commission grants clearance to Port of Tauranga and Toll
The Commerce Commission has cleared the acquisition by a yet to be formed joint venture company, Newco, owned 50 percent by Port of Tauranga Limited and 50 percent by Toll Limited, of all the shares in The Owens Cargo Company Limited, Toll Logistics (NZ) Limited and Leonard and Dingley Limited. In making its decision, the Commission [...]

Zimbabwe Migrant Policy Backed
Federated Farmers of New Zealand (Inc) applauds new government policies for Zimbabweans living in New Zealand on temporary permits."Many Zimbabweans work on New Zealand farms and this policy change gives them some security that they and their families can stay,” said FFNZ Vice President Charlie Pedersen. His comments follow the government announcing yesterday that the current [...]

Current Account Deficit Widens
The seasonally adjusted Balance of Payments current account deficit increased by $554 million in the June 2004 quarter to record a deficit of $2,074 million, according to Statistics New Zealand. This widening deficit follows a $295 million increase in the deficit from the December 2003 quarter to the March 2004 quarter. The deficit represents the [...]

Commission warning to Pharmacy Guild: Premiums Guide at risk of contravening Commerce Act
The Commerce Commission has issued a warning to the Pharmacy Guild of New Zealand (Inc) that the Guild's Premiums Guide, as published until October 2002, placed the Guild and its members at risk of contravening the Commerce Act, and that the Guild should carefully consider the implications under the Act of any future recommendations it [...]

Prime Infrastructure agreed to sell down Powerco shares before making takeover offer
Prime Infrastructure Management Limited (PIML) and Babcock & Brown Investor Services Limited are parties to a lock-up agreement with the majority shareholders of Powerco Limited. The majority shareholders are New Plymouth District Council, Taranaki Energy Trust and Powerco Wanganui Trust. Under the lock-up PIML, through its subsidiary Prime Infrastructure Networks (N.Z.) Limited (Prime New Zealand) is to [...]

Visitor Arrivals Up 12 Percent
There were 152,100 short-term overseas visitor arrivals to New Zealand in August 2004, an increase of 16,800 or 12 percent on August 2003, according to Statistics New Zealand.In August 2004, there were more visitors from Australia (up 10,500 or 19 percent), Japan (up 2,300 or 20 percent), the United States (up 2,200 or 21 percent) [...]

Auckland Airport welcomes further Customs and MAF investment
Auckland International Airport Limited (AIAL) today warmly welcomed the Government move to provide more Customs and MAF resources at Auckland Airport. Prime Minister Helen Clark announced funding for 96 extra Customs staff, as well as 17 new MAF staff and new x-ray equipment at Auckland Airport. AIAL chief executive officer, Don Huse, said that it was a [...]

OCR Increase Builds on Interest Rate Pressure
Longer-term fixed mortgage rates continue to edge upwards, according to the latest mortgage interest rate survey conducted by the Real Estate Institute of New Zealand. The lifting of the Official Cash Rate to 6.25 per cent, last week, has resulted in mortgage providers capitalising on predictions of further OCR increases by the Reserve Bank and locking [...]

Rural Property Demand Remains Buoyant
The New Zealand farm median sales price eased slightly during August, but remains well above levels recorded in recent years, according to the latest rural sales figures from the Real Estate Institute of New Zealand. The national farm median price was $750,000 during August, a slight decrease on the prior month’s median of $782,500. However this [...]

Aquiline Holdings Limited - review of registered prospectus and certain advertisements
Aquiline Holdings Limited’s registered prospectus for an offer of converting preference shares and redeemable preference shares has been reviewed by the Securities Commission. The Commission found that Aquiline Holdings Limited was in breach of the Securities Act 1978 as the registered prospectus omitted a material particular about the securities offered, in that, it did not contain [...]

Manufacturing expansion stronger for August
New Zealand manufacturing recorded increased expansion in August, according to the latest ANZ-Business NZ Performance of Manufacturing Index (PMI). New Zealand's PMI value rose from 57.5 in July to 58.8 in August, while it also recorded a stronger expansionary value than for August 2002 and 2003 (a PMI reading above 50 points indicates expansion and below [...]

Floods Impact on Local Authority Finances
The February 2004 floods had an impact on the June 2004 quarter financial results of a number of local authorities in the lower North Island, according to Statistics New Zealand. Additional government grants, mainly for road repairs, saw total government grants and subsidies to all New Zealand’s 86 local authorities increase to $156.0 million for [...]

Environmental Air Care fined $17,500 for misleading claims about insect control products
Environmental Air Care Limited has been fined $17,500 and ordered to publish corrective advertising in the New Zealand Herald, Dominion Post and Press for making misleading claims about its Robocan time-dispensed insect control products, in breach of the Fair Trading Act. � The Commerce Commission laid charges against Environmental Air Care alleging that the way Environmental Air [...]

RESIDENTIAL PROPERTY MARKET MEDIAN EASES
The New Zealand residential property market median selling price eased slightly during August, due largely to increased demand for less expensive properties coupled with a slower level of activity in upper end properties, according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley. However sales volumes improved as the [...]

Profit Increase Signals Strong Future For New Zealand Post
The New Zealand Post Group announced today a net profit after tax increase of 35 per cent to $36.5 million for the year ended 30 June, the biggest yearly growth since 1994. Chief Executive John Allen said the turnaround of the express courier business and a strong performance from the International mail business and Kiwibank contributed [...]

Post ?Tune-Up?, RMA Still Needs Work
The Resource Management Act (RMA) is still seriously flawed after the government’s once-over-lightly ‘tune-up’, said John Aspinall, a National Board member of Federated Farmers of New Zealand (Inc).The package of measures announced yesterday to allegedly improve the working of the RMA has done nothing to fix fundamental flaws in the act. “Farmers were looking for a [...]

NZYF Relaunches Website
New Zealand Young Farmers is relaunching its website, www.youngfarmers.co.nz”Our old site was dated, and needed revising. The new design is an easy and appealing way for members and interested people to find out what’s happening in New Zealand’s premier rural youth organisation,” says New Zealand Young Farmers (NZYF) President Hilary Phillips. “Because Young Farmers are spread [...]

Bank of New Zealand to Underwrite Shortfall in Access Brokerage Trust Account
Bank of New Zealand Managing Director Peter Thodey announced tonight that the bank will underwrite the shortfall on client obligations in the Access Brokerage Trust account so that eligible Access Brokerage clients will be paid their outstanding trust balances in full. “We will be working with the liquidator to confirm the balances of clients' accounts as [...]

Advertising rights for Auckland International Airport
Auckland International Airport Limited (AIAL) has today reached an agreement with Eye Corp, awarding it the indoor and outdoor advertising rights for the next 10 years to what is potentially New Zealand’s largest single advertising site - Auckland Airport. Eye Corp, with media businesses in New Zealand, Australia and Indonesia, will be managing nearly 100 advertising [...]

Manufacturing Sales Increase 2.5 Percent
Seasonally adjusted manufacturing sales for the June 2004 quarter increased 2.5 percent compared with the March 2004 quarter, according to Statistics New Zealand. With the effect of price changes removed, seasonally adjusted manufacturing sales increased 0.9 percent over the same period. Eight of 15 industries recorded increases in seasonally adjusted sales in the June 2004 [...]

Fresh Vegetables Push FPI Down
Food prices decreased 0.2 percent in August 2005, Statistics New Zealand said today. Prices were down for fruit and vegetables, but up slightly for meat, fish and poultry; restaurant meals and ready-to-eat food; and grocery food,soft drinks and confectionery.Fruit and vegetable prices were down 2.7 percent, with the greatest contributions coming from avocados (down 41.5 [...]

One-off reward scheme for long standing Southern Cross members
Southern Cross Chairman, Dr John Matthews announced today that tens of thousands of mainly older Southern Cross members are likely to receive lower health insurance premiums over the next two years. This follows a decision by the health insurer to provide a one-off reward to around 120,000 Founding Members who have had continuous membership of Southern [...]

Contact Energy Admits Misleading Customers About Price Increases
Contact Energy Limited has acknowledged it breached the Fair Trading Act by providing misleading explanations to customers for electricity price changes earlier this year. In a settlement with the Commerce Commission, Contact Energy has agreed to apologise to affected consumers and network lines companies, publish public apology notices, make a $30,000 donation to the Citizens [...]

Department Stores Drive July Retail Growth
Seasonally adjusted total retail sales increased 1.2 percent in July 2004, compared with June 2004, according to Statistics New Zealand. This follows increases of 1.2 percent in June 2004 and 0.2 percent in May 2004. Excluding the motor vehicle-related industries, seasonally adjusted sales were 1.6 percent higher in July 2004 than in the previous month.Fourteen [...]

BUILDING PROSPERITY: OPPORTUNITIES AND THREATS
BUILDING PROSPERITY: OPPORTUNITIES AND THREATS ROGER KERR EXECUTIVE DIRECTOR CHRISTCHURCH NEW ZEALAND BUSINESS ROUNDTABLE 13 SEPTEMBER 2004 BUILDING PROSPERITY: OPPORTUNITIES AND THREATS I want to begin by asking the question: How should we think about the recent performance of the economy, and the medium-term outlook? The question is important because New Zealanders at large clearly aspire to higher living standards. [...]

Southern Cross Low Claim Reward to Add Impetus to Public Health Messages
The country's biggest health insurer is putting its weight behind the healthy living message, and will back it up with up to $30 million worth of premium discounts. Group Chief Executive, Dr Ian McPherson, says Southern Cross will launch a 10% low claim reward to its members from the middle of 2005, to add impetus to [...]

Southern Cross Medical Care Society Announces Excellent Financial and Service Performance
Southern Cross Medical Care Society has reported excellent financial and service performance for the year to 30 June 2004. Group Chief Executive, Dr Ian McPherson, says the operating surplus of $32m was ahead of budget as a result of lower claims cost growth and a reduction in overheads, and means the Society's level of reserves ($238m) [...]

World Bank Report ?Doing Business 2005?
There are several messages to take from the World Bank report that ranks New Zealand high in terms of the ease of doing business", Roger Kerr, executive director of the New Zealand Business Roundtable, said today.First, New Zealand scores well in general in the seven areas studied by the Bank on this occasion, namely starting [...]

Independent Assessment of Super Policies Should Continue
The New Zealand Business Roundtable opposes a plan to cease independent assessment of government policies on retirement income, executive director Roger Kerr said today. The New Zealand Superannuation Amendment Bill would remove all statutory references to the 1993 Accord on Retirement Income Policies, including the present requirement for periodic reports on retirement income policies to be [...]

Guest Nights Trend Continues Increase
The trend in total guest nights in short-term commercial accommodation has been increasing since June 1998, according to Statistics New Zealand. In July 2004, the trend level in total guest nights was 7 percent higher than in July 2003 and 8 percent higher than in July 2002. Actual total guest nights were 2.1 million in [...]

LIFTING GROWTH AND LIVING STANDARDS
The New Zealand Business Roundtable has a key goal of raising living standards by growing the economy. A focus on creating wealth doesn't resonate with some people, but how else can we raise household incomes and expand the quantity and quality of education, health and other services? Growth is a practical proxy for national welfare - [...]

INTERNATIONAL TRADE AND NEW ZEALAND'S PLACE IN IT
INTERNATIONAL TRADE AND NEW ZEALAND'S PLACE IN IT The openness of an economy - particularly a small economy - to international trade in goods and services is a prime requirement for economic success. The dismantling of 'fortress New Zealand' over the past 25 years has been a key element in the reform programme that produced today's [...]

Primary Food Products Drive Increased Wholesale Activity
Seasonally adjusted sales increased 3.4 percent in the June 2004 quarter, compared with the March 2004 quarter, according to Statistics New Zealand. This follows increases of 1.9 percent and 3.5 percent in the March 2004 and December 2003 quarters, respectively.Primary product food wholesaling, which includes fruit and vegetables, dairy produce and meat wholesaling, recorded the [...]

Wine Exports Jump with 2004 Vintage
Following release of the first wines from vintage 2004 wine exports have surged in the first two months of the 2004/05 year according to New Zealand Winegrowers. "July and August have both seen new records set for monthly wine exports", Philip Gregan, Chief Executive Officer of New Zealand Winegrowers, said today. "Exports in July were 3.7 million [...]

BSA upholds Nine to Noon complaint
The Broadcasting Standards Authority today released a decision upholding a complaint from Peter Ellis about an interview conducted on National Radio’s Nine to Noon programme in August 2003. The BSA ordered Radio New Zealand to pay $5,300 legal costs to the complainant, to broadcast an apology on Nine to Noon, to publish a summary of the [...]

Briscoes Half Year Profit $6.72 million
The directors of Briscoe Group Limited announce a net profit after tax (NPAT) of $6.72 million for the six months ending 31 July 2004. This compares to $9.86 million for the corresponding period a year ago, and is consistent with the guidance provided to the market on 6 August 2004. The half year results are [...]

Securities Commission Accepts Enforceable Undertakings by LDC Investments Limited
The Securities Commission has accepted enforceable undertakings from LDC Investments Limited and its directors, Mr David G Miller and Mr Kevin Elliot. Debt securities were offered by the company without a registered prospectus or investment statement, and without a trustee. LDC Investments approached the Commission when it became aware that its fundraising activities may have breached [...]

Electricity Generation Up in June Quarter
Seasonally adjusted electricity generation rose 0.3 percent in the June 2004 quarter compared with the March 2004 quarter, according to Statistics New Zealand. In the June 2004 quarter, hydro and wind generation (6,277 gigawatt hours) was 24.0 percent higher than in the June 2003 quarter, while thermal generation (3,634 gigawatt hours) was 8.6 percent lower, for [...]

Telecom confirms purchase of Computerland NZ
Telecom today confirmed the purchase of technology solutions provider 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 of Computerland will broaden Telecom's [...]

Facts About Fathers
A baby will be a Father's Day present for an estimated 170 men this year, according to latest figures from Statistics New Zealand. Today's newborn babies have fathers who are, on average, three years older than the fathers of newborns 20 years ago. While the average age of fathers of new babies is increasing, only 1 in [...]

Work Matches Qualifications for NZ Immigrants
The longer that skilled immigrants are in New Zealand, the more likely they are to be employed in positions that are commensurate with their qualifications, according to a Statistics New Zealand report released today. The report, which used census data, found that 70 percent of immigrants with bachelor's degrees who had arrived in New Zealand [...]

Fairfax NZ sells Gordon & Gotch to PMP (NZ) Ltd
Fairfax New Zealand has announced the sale of its magazine marketing and distribution business Gordon & Gotch to PMP (NZ) Ltd for $NZD4.4 million with an appropriate adjustment for working capital. Fairfax New Zealand chief executive officer, Brian Evans said following a review of the business it was decided Gordon & Gotch no longer formed a [...]

New Zealand Finance Holdings To Go Public
Financial services company New Zealand Finance Holdings Limited has launched a public offering of shares and intends to seek a listing on the main board of the New Zealand Stock Exchange. The move is part of an expansion and diversification plan aimed at building on the company’s steady growth over the past five years. The company will [...]

Better options for tussock grasslands
Continued grazing by sheep may be the best way to protect the iconic tussock grasslands of the South Island high country, according to conservation biologist, Associate Professor David Norton. “The Crown is spending a small fortune buying tussock grassland from farmers and removing stock. But once the stock and farmers have gone, large areas will revert [...]

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 [...]

McDonald's New Zealand 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 Limited Annual Result
Hirequip New Zealand Limited: Annual result for the year ended 30 June 2004. 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 [...]

Commission declines application by Gallagher Holdings to acquire Tru-Test Corporation
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 2004 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 sale and purchase agreement for Computerland
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 [...]

GDC Builds New Platform for Growth
GDC’s business activities are continuing to change significantly in response to changes in the market environment, and in the price and capability of technology. The company has been actively reshaped in response to these changes, and now has a unique position and execution capability within these markets. The main strategic focus has been the successful repositioning [...]

FELTEX DELIVERS EARNINGS ABOVE IPO PROSPECTUS FORECAST
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. Net Profit after tax, excluding one-off items, was $27.2 million for the [...]

Tourism Holdings Trading Profit Up 43%
Tourism Holdings Limited (THL) today reported an audited net 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 [...]

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
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 second half [...]

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 Businesses
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 [...]

POAL 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 [...]

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 all retail [...]

No Change to New Zealand?s Top Three Investment Partners
Latest Statistics New Zealand analysis shows that New Zealand’s most important international investment relationships continue to be with Australia, the United States of America and the United Kingdom. These three countries are the source of over half of the foreign investment in New Zealand, and are also the destination of over half of New Zealand’s [...]

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 [...]

RESIDENTIAL PROPERTY MARKET RALLIES
The New Zealand residential property market rallied during July although on declining sales volume, according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Graeme Woodley. The national median selling price increased from $243,000 in June 2004 to $249,000 in the latest month, just above the May median of $248,000. But [...]

Further 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 [...]

FreeParking and Trademe create Domain marketplace
Online auction website Trade Me have 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
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 (30 June) of $214.5 million, [...]

Ryman poised for expansion after record year
Listed retirement village operator Ryman Healthcare today confirmed the acquisition of a new retirement village site in Christchurch. The announcement of the latest village site was made at today's annual meeting of shareholders. The new 4.5ha site in Halswell is unconditional and will be developed into a new retirement village, similar to the flagship Ngaio Marsh village. [...]

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 Investments New Zealand Limited
The Directors of CDL Investments New Zealand Limited are pleased to announce an unaudited operating profit after tax for the six months ended 30 June 2004 of $4,734,000, an increase of 28% from the corresponding period in the previous year. Total revenue decreased by 15 % to $12,461,000. A total of 77 sections were sold [...]

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 [...]