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

 

Rubicon Announces $14.1 Million Profit

Rubicon Announces $14.1 Million Profit for 2003 Financial Year

Rubicon Limited today announced audited results for its 12 months reporting period, to 31 March 2003.

The Company reported Net Earnings of $14.1 million for the period. The 2003 result is one that essentially reflects three earnings streams:
$ m

Earnings from existing operations / investments

Fletcher Challenge Forests (FCF) equity earnings 17.4

Trees and Technology operating earnings (EBITD) 1.3

ArborGen earnings (5.9)

FTSA equity earnings 0.0

Other investment earnings / writedowns (3.8)

Corporate (0.5)
8.5
Earnings from portfolio restructuring

Release of surplus restructuring provisions 7.6

Closure of Brazil / South American office (0.6)
7.0

Earnings from 'one-time' events

Costs (incl fx) related to unsuccessful Tahorakuri transaction (3.6)

GPG v Perry litigation costs (0.8)

Cash receipt from FCF in relation to asset transfer obligations 6.0

Accelerated tracking unit expense in relation to unsuccessful GPG takeover offer (2.1)
(0.5)

Earnings before depreciation 15.0

Depreciation (0.9)

Net Earnings 14.1

The Company noted that this result could not be compared with the $30.4 million reported in the previous period, as that was a result that was derived largely from the gains made from the disposal of the Group’s Energy portfolio.

© 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>>

Elsewhere:


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>>

ALSO:


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>>

ALSO:

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>>