Business

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 ...

The Commerce Commission intends to file legal proceedings against Fletcher Building subsidiary Winstone Wallboards. Photo: RNZ / Alexander Robertson The regulator is prosecuting a Fletcher Building subsidiary over rebates It says now discontinued customer rebates for wall boards were anti-competitive Fletcher Building says IT will "vigourously defend" the case The Commerce Commission intends to file legal proceedings against Fletcher Building subsidiary Winstone Wallboards following an investigation into the use of customer rebates. The commission considered Winstone Wallboards' use of the volume rebates, which were discontinued by the company in 2022, breached the Commerce Act. In a market statement, Fletcher said it would vigorously defend itself against the commission's charges,...

A mass wedding in Hong Kong. Photo: PETER PARKS/AFP Kylie Springford, owner of Cheers Party Hire in Whangarei, has noticed weddings have become smaller, and less frequent in recent years. "I bought Cheers five weeks before Covid hit. Although the business is doing way better than its previous numbers, definitely the number of weddings we do has decreased and got smaller as well." She said the closure of the Brynderwyn hills, the main route between Northland and Auckland, had been a factor, as had Covid lockdowns and the tougher economic environment. Bookings for the next season were looking better, she said, but weddings did not seem to be getting any bigger. Data from Stats NZ shows that the number of marriages happening has not fully recovered from the Covid hit. The 2022 and 2023 an...

Photo: RNZ / Rebekah Parsons-King Retail sales fell in the June quarter, reflecting the pressure rising prices and high interest rates are putting on consumers' wallets. Stats NZ data shows retail sales, adjusted for inflation, were down 1.2 percent in the three months to June. The drop continues the downward trend seen for two years. Sales for electronic goods, motor vehicles, hospitality and clothing were down, while supermarket sales were up. Retail NZ chief executive Carolyn Young said the data shows how challenging it has been for retailers. But she said with the Reserve Bank cutting the official cash rate and promising more cuts will follow there is hope the economy will pick up. "We are all hoping that last weeks OCR cut and the recent tax cuts will help kick start the economy and...

Tomato brown rugose fruit virus. Photo: Tomatoes NZ Biosecurity New Zealand has temporarily suspended all Australian tomato imports, to be reviewed in seven days, after the detection of tomato brown rugose fruit virus. The Ministry for Primary Industries had previously paused some Australian exports but was still allowing tomatoes in from Queensland, where the virus is not present, and was testing seeds which can also contain the virus. Tomato Brown Rugose Fruit Virus (ToBRFV) which effects affects tomatoes, capsicums, and chillies, has been found in two properties in South Australia. The virus causes spotting, discolouration and deformities, impacting the fruits market value - it has no impact on human health. Tomatoes NZ chairperson Barry O'Neil told RNZ greenhouse tomato growers were...

Photo: Derek Morrison Replacing sheep and beef farms with pine forests would reduce emissions and improve water quality, but it will come at a cost to local communities according to Federated Farmers. Rivers and lakes could be cleaned up with profits still generated for landowners by converting sheep and beef farms to pine trees, according to a new paper from the Our Land and Water science challenge. Federated Farmers meat and wool chair Toby Williams told Morning Report pine trees were an important part of the regional economy, as well as on-farm, but planting whole farms with pine trees could have flow-on impacts in regional towns. "The concerns we've got is the planting of whole sheep and beef farms detracts from those communities. It means you have less schools, you start to struggle...

The multi-million dollar claim was filed in the Auckland High Court in 2021 against ANZ and ASB for failures to refund interest and fees to 150,000 customers. Photo: The Court of Appeal has ruled up to 100,000 customers of two of the country's largest banks can be part of a class action. The customers of ANZ and ASB Banks will make up one of the largest class action lawsuits in New Zealand history. The multi-million dollar claim was filed in the Auckland High Court in 2021 against ANZ and ASB for failures to refund interest and fees to 150,000 customers. The Court of Appeal's judgement found the approach where affected customers had to opt to join the class action placed unnecessary hurdles in the way of customers and what they were entitled to. The lawyer leading the class action, Sco...

Photo: Supplied / Fisher & Paykel Healthcare Fisher and Paykel expects significant profit growth due to increased demand for its healthcare products. The company has updated its market guidance for the first half of the 2025 financial year to expect revenue of $940m to $950m and profit of $150m to $160m. It would be growth of 18 percent in reported operating revenue and 44 percent in net profit after tax compared to the same period last year. Managing director and chief executive Lewis Gradon said strong demand in the first four months has given the company confidence. "Our hospital business is built on improving care and outcomes and changing clinical practice and that's ongoing. In our homecare business we have a new range of OSA masks and that's kicking in and helping growth for u...