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

 


New Image sees return to annual profit on rising sales

New Image sees return to annual profit on rising sales, eyes Vietnam, chairman says

Nov. 29 (BusinessDesk) - New Image Group, which makes colostrum-based health tonics, expects a big turnaround in full-year earnings with sales tipped to exceed $100 million, according to chairman Graeme Clegg.

The Auckland-based company sees pretax profit of between $12 million and $14 million in the year ending June 30, 2013, turning from a pretax loss of $4.8 million in 2012 and at least two-and-a-half times the pre-tax profit of $4.7 million in 2011, Clegg told shareholders in Auckland today.

"I can confirm that the new financial year has started strongly and we are well ahead of the previous year," Clegg said in speech notes published on the NZX. "However, as we know from experience, market conditions in our industry can change - and quickly."

Last month New Image flagged annual revenue would exceed $100 million after turning a pretax profit of $3 million in the three months ended Sept. 30.

Clegg, who recently agreed to buy the 10.1 percent stake held by HWM (NZ), formerly known as Huljich Wealth Management, said the company will be looking at new opportunities and is mulling whether to extend its direct selling into Vietnam.

New Image has increased its exposure to Asia as developing nations' appetite for dairy protein grows, and has previously singled out Malaysia as a growth target.

Clegg paid tribute to Malaysia-based director and Asia Pacific vice president NH Chua, who was paid out $1.3 million in compensation after an aborted listing in Asia. Chua was in line to receive a 5 percent shareholding if the listing had gone ahead.

The shares were unchanged at 30 cents, and have climbed 45 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news