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


Tenon Realises Foreign Exchange Gain

Tenon Realises Foreign Exchange Gain

Auckland, 11 March, 2004 – Tenon announced today that the Company has realised net foreign exchange gains of approximately $9 million. The gain arose primarily from the closure of its United States denominated debt obligations that were maintained as a natural hedge against the Company’s net cash flow derived in United States dollars.

Following the settlement of the forest sale to the Kiwi Consortium on 27 February 2004, the Company currently has no United States dollar denominated debt (excluding debt held by non-wholly owned subsidiaries), and holds foreign exchange option cover to protect against any significant short term appreciation of the New Zealand dollar against the United States dollar.

Approximately $7 million of the foreign exchange gains relate to Tenon’s continuing businesses. Tenon expects the earnings of its continuing processing, marketing and distribution businesses for the year to 30 June 2004 to exceed the projections contained in the explanatory memorandum, which was forwarded to shareholders earlier this year, by this amount. Ends

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news