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Four Australian banks in New Zealand made about $7 billion in profits in 2023. Photo: RNZ Analysis - The Commerce Commission's banking market study has concluded more competition is required to reduce the profits of the big four banks. But the report suggests increasing competition may be ineffective unless customers are easily able and willing to switch between banks. In 2023, the four Australian banks operating in New Zealand made approximately NZ$7.1 billion in profit, representing $1400 per person. Despite many customers struggling due to increasing mortgage costs, the banks' profits rose. The previous government commissioned the market study to look into whether competition for personal banking services in New Zealand was working. The report highlights a lack of true competition, w...

Photo: 123RF Tougher economic times and staff shortages appear to be shrinking the number of cafés and restaurants operating in New Zealand. Stats NZ data shows that last year was the first time in more than 20 years that the number of cafés and restaurants shrank compared to the year before. Last year, Stats NZ's enterprise data shows, there were 8958 café and restaurant businesses recorded, compared to 8964 the year before. Every other year in the data the number of enterprises recorded held stable or increased year-on-year. There are still twice as many as in 2000. Data from economist Shamubeel Eaqub showed that the number of food and beverage and hospitality businesses in New Zealand had grown more than 30 percent since 2000, on a per capita basis. "It has also grown as a share of th...

Photo: LDR / Northern Advocate / Michael Cunningham The country's biggest fuel import terminal has seen a near 50 percent jump in interim profit on increased revenue, with the company also announcing a deal to increase jet fuel storage. Key numbers for the six months ended June compared with a year ago: Net profit $16.6m vs $11.4m Revenue $69.8m vs $64.4m Operating earnings $48.1m vs $43.5m Interim dividend 4.4 cents per share vs 4.2 cps Channel Infrastructure, the former Marsden Point refinery, said revenue rose 8 percent, with private storage fees rising by 59 percent. It said private and additional storage contributed $8.1 million and operating costs increased 4 percent with Channel benefiting from a new fixed price electricity contract. Jet fuel demand rose 22 percent and was track...

Photo: RNZ / Cole Eastham-Farrelly The country's biggest port, Tauranga, has reported a weaker profit as cargo volumes fell but said it's had an improvement in the second half of the year. Key numbers for the 12 months ended June compared with a year ago: Net profit $90.8m vs $117.1m Underlying profit $102.7m vs $117.8m (excludes $11.9m one off tax charge) Revenue $417.4m vs $420.9m Cargo (tonnes): 23.6m vs 24.7m Final dividend 8.7 cents per share vs 8.8 cps The port's result was likened to the previous year's "game of two halves" performance. Chief executive Leonard Sampson said there had been a lot of volatility with the first half of the year with reduced cargo volumes and continued disruption to shipping services. "There was a lot of impact of vessel schedule changes and overstocki...

Photo: RNZ / Nate McKinnon Telecommunications company Spark has reported a 72 percent drop in full year net profit, with revenue down 14 percent. The company's underlying profit was down a third and fell short of its most recent guidance, despite growth in tech products, data centres, with mobile service revenue surpassing $1 billion for the first time. Key numbers for the year ended June compared with a year ago: Net profit $316m vs $1.14b Underlying profit $1.16b vs $1.72m Revenue $3.86b vs $4.49b Underlying profit margin 30.1 percent vs 38.3 percent Final dividend 27.5 cents a share vs 27 cps Spark's financial results for this financial year are cycling significant revenue and net profit gains declared in FY23 following the TowerCo and Spark Sport transactions. Spark chair Justine ...