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

 


Gerry Harvey’s NZ horse breeding business narrows FY loss

Gerry Harvey’s NZ horse breeding business narrows FY loss

Jan. 6 (BusinessDesk) – NZ Thoroughbred Holdings, the horse breeding business owned by Australian retailing billionaire Gerry Harvey, narrowed its full-year loss after recognising a gain on the value of its animals.

The net loss was $3.97 million in the 12 months ended June 30, 2013, from a loss of $5.28 million a year earlier, according to the company’s annual report. Revenue fell to $3.8 million from $3.99 million, while other income jumped to $3.3 million from $1.56 million, mainly reflecting a gain on biological assets.

The company, whose assets include the upscale Westbury Stud established by Eric Watson, has chalked up losses every year since Harvey bought out property developer Michael Tololi in 2009. While Harvey made much of his A$1.4 billion fortune via the Harvey Norman chain, he is also one of Australia’s largest race horse breeders and owns thoroughbred auction house Magic Millions. He ranked 24th in the 2013 BRW Rich List.

NZ Thoroughbred’s other income includes horse prize money of $51,386, from a deficit of $1,438 a year earlier. Operating expenses include $2.4 million on wages and salaries, up from $2.3 million a year earlier, and agistment, which is the cost of feeding and pasture, jumped to $1.65 million from $258,177.

The company’s auditor included an emphasis of matter in its report, noting that its ability to be a going concern depended on the continued financial support of its shareholder.

Net liabilities rose to $19 million in the latest year from $15.7 million in 2012 though the Harvey, who is also the company’s director, says he is confident about “the pledge of continued financial support from the shareholder (also Harvey).”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news