Morningstar Research lowered its fiscal 2019 earnings per share forecast but kept its hold rating on Z Energy after the country’s biggest fuel retailer downgraded its profit outlook amid a longer-than-anticipated shutdown of a local oil refinery and as high oil prices hurt demand.
Funds from the sale of Hawkins Construction to Downer EDI were recycled back into the leftover businesses to settle a claim on a major project, wind down the remaining projects, and prepare for a growing number of legal disputes, the receiver says. Paul McBeth reports on company wind-ups after quake rebuild and leaky building claims that means almost 1,000 contractors are owed about $44 million.
New Zealand's banking minnows loaned more aggressively in the first three months of the year, a period advisory firm KPMG noted as showing a deterioration in asset quality which contributed to smaller sector profit. Paul McBeth from BusinessDesk reports.
Fletcher Building shares have gained about 14 percent since Kingfish took a 3.1 percent stake and the listed investment firm's manager remains upbeat on the stock.
Z Energy, the country’s biggest fuel retailer, has cut full-year earnings guidance by $30 million due to an extended shutdown at the Marsden Point oil refinery and high crude prices in the June quarter.
New Zealand Refining has reported negative margins for the first time in five years after a major maintenance shut had to be extended last month.
Z Energy has more than doubled its investment in Mevo, the Wellington-based electric car-sharing firm, with The Wellington Company and European Motor Distributors also investing.
Delegat Group, New Zealand’s largest listed winemaker, said its operating net profit in the year to June lifted 17 percent to a record $44.9 million, underpinned by record global case sales, lower cost of sales per case, higher yielding 2016 and 2017 vintages and lower financing costs.
A2 Milk Co lifted annual sales 68 percent, just beating the guidance given in May, and said it expects to maintain an earnings margin of about 30 percent in the coming year even with increased spending.
Smartpay Holdings raised A$7.5 million selling sophisticated and professional investors convertible notes, which the listed payment terminal supplier will use to fuel expansion plans across the Tasman.