PGG Wrightson hit by Rural downturn
Submitted by Kohia Dennison on Thu, 06/25/2009 - 13:39
The projected net operating earnings have been revised by PGG Wrightson, which fell by 16% to $30-32 million, a drop on its previous forecast of $36-42 million. The company witnessed pressure on margins due to global recession and the slump in dairy prices.
The rural services company has experienced the effect of the collapse in dairy markets, which has seen dairy prices halve in the last year.
Top prize won by Radford Yarn Technologies
Submitted by Tangaroa Snell on Sat, 05/23/2009 - 07:33
The top prize in a nationwide energy efficiency competition has been won by a felted yarn manufacturer in Christchurch.
With the aim to recognize organizations and individuals who have achieved outstanding results in energy efficiency or renewable energy projects, the Energy Efficiency and Conservation Authority runs the annual competition.
The lucky winner of the award this year was Radford Yarn Technologies, a company which processes New Zealand wool into high-end felted yarns and exports it to carpet and rug manufacturers.
Ryman Healthcare reports an 8.9% fall in its net profit
Submitted by Tangaroa Snell on Fri, 05/22/2009 - 10:27
A drop by 8.9% in full-year profit was posted by Ryman Healthcare, the retirement village operator, due to an increase in costs by 20%, while a gain by 1.2% was seen in the shares.
Via a statement, the company said that its net profit fell to $66.1 million in the year ended March 31 from $72.6 million a year earlier, while its revenue hiked 22% to $92.4 million.
The company's total expenses increased 20% to $80.2 million and the shares jumped 2 cents to $1.64 on the NZX 50 index today and have risen 18% so far this year.
Pacific Blue Airlines considering operating jet services
Submitted by Omaka Nelson on Thu, 05/07/2009 - 04:14
In order to break Air New Zealand’s monopoly in the sector, Christchurch-based Pacific Blue Airlines is mulling operating jet services on New Zealand regional routes.
In the past few months the carrier has been in negotiations with regional airport management as well as Hamilton, Palmerston North and Rotorua about a second-tier schedule.
Today a three-day tour of regional airports was commenced by Pacific Blue with the Brazilian-built 104-seat Embraer 190 E-Jet it would use on the services. The aircraft was expected to be in Auckland late today.
Jetstar tipped to move into domestic market
Submitted by Surjit Singh on Mon, 02/16/2009 - 17:50
Since the Qantas kangaroo's budget subsidiary Jetstar has tipped to move into the New Zealand domestic market, it seems that the former might soon disappear from New Zealand skies.
Jetstar that already flies Trans-Tasman from Christchurch will soon commence the same service from Auckland. Now the domestic market would also be tackled by it.
