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Photo: 123RF Campervan company Tourism Holdings (THL) says its underlying profit of $52 million has met expectations, despite a difficult trading environment. However, the net profit for the year ended June fell 21 percent to $39.4m, with revenue up 39 percent $921.7m. "There is no doubt that the last six months have been particularly difficult for parts of the business, chair Cathy Quinn said. However, she said the New Zealand and Australian rental businesses, had each delivered strong profit results and were well positioned for growth. Chief executive Grant Webster said the overall performance was mixed with the underlying profit less than what the company hoped to achieve, given weak economic conditions. He said New Zealand rentals and sales, Action Manufacturing, and New Zealand tour...

The BNZ is making further cuts to its home loan rates. Photo: RNZ / Nate McKinnon The BNZ is making further cuts to its home loan rates. The bank has cut its fixed rates by between four and 20 basis points, with longer term rates seeing the biggest fall. Read more: After OCR cut which home loan rate should you choose? OCR coming down - how far will home loan rates fall? It comes as wholesale interest rates move lower following the Reserve Bank's official cash rate cut on 14 August. Some banks lowered their lending rates immediately after the OCR announcement and others followed suit. The BNZ's popular 18-month rate was now 5.99 percent, and the two-year rate was at 5.89 percent. It followed a cut to its home loan rates on 20 August, and a move to stop charging first-home buyers and ot...

Bathurst Resources says customers want long-term assurances of supply. Photo: Supplied / Bathurst Resources Ltd The country's biggest coal miner Bathurst Resources is seeing another 20 years of development work. It will use the fast track approvals process for two new projects near existing sites to supply local and export markets. Bathurst Resources chief executive Richard Tacon said 90 percent of its sales were for coking coal used in steel making, with some coal supplied to the domestic market for industrial heating. Pre-feasibility work was taking place at the Buller Plateau on the South Island's West Coast to produce coal for overseas export used in steel making. Another project in the early stages is the Rotowaro Extension near Huntly to mine coal for domestic use. Tacon said its ...

A series of craft beers released by Te Aro Brewing Company have come under fire after Polynesian navigator Kupe featured on its labels alongside colonial explorers Magellan and Columbus. Photo: Te Aro Brewing Company An Upper Hutt Brewery has been told to remove its Kupe beer from sale and take down associated promotion, after it was found to be in breach of advertising standards. Te Aro Brewing named its Kupe New Zealand IPA after the Polynesian navigator as part of its Age of Discovery series - a limited range of beers showcasing historical explorers including Christopher Columbus and Ferdinand Magellan. It also promoted the Kupe beer on its Facebook and Instagram accounts, including associating it with the Matariki holiday in June. Concern about the product and its promotion was firs...

Vulcan Steel posted another big drop in full-year profit amid tough conditions in the building sector. Photo: RNZ / Cole Eastham-Farrelly Steel products company Vulcan Steel posted another big drop in full-year profit amid tough conditions in the building sector. Key numbers for the 12 months ended June compared with a year ago: Net profit $40m vs $87.9m Revenue $1.06b vs $1.24b Underlying earnings (EBITDA) $147.6m vs $218.9m Final dividend 12 cents per share vs 30.5 cps The company's profit more than halved on the back of a 15 percent drop in revenue. Chief executive Rhys Jones said business conditions remained challenging in both Australia and New Zealand. "Higher interest rates continued to impact on activity levels. High inflation added to the pressure on business costs." However ...