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


Half Year Results Announcement

Half Year Results Announcement To 31 December 2002 Strong First Half Operating Result – Full Year Outlook In Line With Last Year

AUCKLAND, 13 February 2003 – Fletcher Challenge Forests’ operating earnings, prior to unusual items, rose strongly in the six months to December to $47 million, a 68% increase over the $28 million recorded in the corresponding six months to December 2001. Operating revenue increased 11% to $359 million Operating earnings from the North American business rose 55% to $17 million Our Engineered Wood Products business was successfully restructured.

Operating earnings included an unrealised foreign exchange gain of $12 million, compared to $1 million in the corresponding period. Our foreign exchange hedging arrangements mitigate the effect of the strengthening New Zealand dollar on operating earnings.

The forest crop valuation this period was negative $3 million compared to an increase of $17 million in the corresponding period, reflecting the impact of recent lower average log prices used in the Company’s 12-quarter forest valuation price series, partially offset by yield improvements.

Net profit after tax, before unusual items, was $20 million, an increase of $1 million over the corresponding period.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>