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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news