Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Newcall Aims For Debt-Free Company, NZ Focus

13 March 2002

Media Release from Newcall Group Limited


NEWCALL GROUP FINANCIAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2001

Newcall Aims For Debt-Free Company With Greater New Zealand Focus

AUCKLAND 13 March 2002: With the closure of its New Zealand telecommunications subsidiary and the sale of 53.3 per cent of its shares in its Singapore telco, Newcall Group Limited cut its operating deficit from $19m in 2000 to $3m in the year ending December 2001.

At the same time, the net revenue for the group increased to $18,281,000 (2000:$18,044,000) with $15,088,00 from the electricity retailing subsidiary Energy Online Limited.

The deficit from operations before amortisation, writedowns, the gain arising from a controlled entity becoming an associate, the sale of the customer base of Newcall Communications Limited and taxation totalled $3,060,000 including operating losses from Energy Online Limited ($645,000) and ISP subsidiary, Internet Prolink (NZ) Limited ($321,000).

It also included a $52,000 surplus from Newcall Technology Limited and $69,000 from Newcall Communications Limited, the costs of maintaining the public listing through Newcall Group Limited and the elimination of minority interests.

In addition to the operating deficit, the group reduced the carrying value of goodwill by $2,982,000. Consequent upon the operating deficit and the write-down in the goodwill, the net equity of the group was reduced further to ($4,267,000). As a result no dividend was declared for the year.

Newcall Group Chairman, David Sun, said the next steps were being put in place to eliminate all outstanding debt completely and to mould the group into a tightly focused entity in strong
NZ hands.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news