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

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news