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


Tainui commercial arm delivers results

Tainui commercial arm delivers results

Tainui Group Holdings Limited (TGHL) – the commercial arm of Tainui – today announced an improved financial performance for the year to March 2003 with total annual revenue of $41.8 million, an increase of $9.4 million – 29 percent - on the previous year.

The strong performance was driven by the exact targets set in a business plan developed by incoming CEO Steve Murray, under the guidance of the new Chairman John Spencer.

The positive results reflect growth across all portfolios and a net surplus of $8.3 million, up 115% from $3.8m in 2002.

Said Chief Executive Steve Murray: “For the first time TGHL has delivered a strong operating result, and we are now poised for continued growth”.

He said the pleasing result was due to a concentrated focus on business unit profitability, cost controls and group wide efficiencies following the company’s review of strategic investments earlier this year.

These results would lay the foundations that will allow TGHL to systematically implement its new investment strategy in the medium term.

Said Mr Murray: “The past year has been a period of transition, with a new board and management team.

Chairman John Spencer said looking ahead, the journey had just begun and the team would continue to improve shareholder value. “We know the goals we need to achieve in the next three to five years and robust governance processes are in place to assist us achieve these targets.”

Te Kaumaarua Chairman Kingi Porima said the corner has been turned. “It is reasonable to expect ongoing improvements in key activity and financial performance again next year.”

© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news