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

 


Allied Farmers forecasts lower second-half result

June 12, 2006

Allied Farmers forecasts lower second-half result

Allied Farmers Limited advises that its forecast results for the six months ending 30 June, 2006, will not match the results achieved in the previous year, and are likely to be $0.15million behind the corresponding period last financial year.

A consequence of this is that the Company will not now meet its previous forecast to the market of profitability for the full year to 30 June 2006.

Chairman John Loughlin says the Company anticipates a profit before tax of $2.15 million, compared to $3.47 million to June 30, 2005.

“This forecast reflects a reduced contribution from the Real Estate Division following a necessary but unscheduled restructuring and also a significantly less buoyant real estate market.

“It also reflects a further loss for Allied Pine. While the turnaround in Allied Pine is occurring, it is later than expected, although it is being further aided by a lower NZ dollar.

“Other factors reflected in the reduced result are increased provisioning for doubtful debts in the merchandise and pine businesses.”

Mr Loughlin says the Livestock, Wool and Finance divisions have each performed very well.

Prime Takeover

Allied Farmers also advised that its takeover offer for Prime Finance Limited has now been accepted by 98.74% of Prime shareholders, and is now unconditional with compulsory acquisition steps being taken to acquire the remaining 1.26% of shares.

John Loughlin says the acquisition of Prime Finance Limited is expected to add $1.2 million before tax profit to the Allied Farmers Limited result for a full year.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

ALSO:

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>>

Earlier:

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>>

ALSO:

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, Including Xtra: 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>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news