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

 


Hellaby first-half profit rises 60%, helped by acquisitions

Hellaby first-half profit rises 60%, bolstered by acquisitions

Feb. 27 (BusinessDesk) – Hellaby Holdings, the diversified investment company, posted a 60 percent rise in first half profit, bolstered by recent acquisitions.

Net profit rose to $9.9 million in the six months ended Dec. 31, from $6.2 million in the year earlier period, the Auckland-based company said in a statement. Revenue rose 44 percent to $351.6 million.

Hellaby’s latest earnings included a full six months contribution from its 85-percent stake in oil and gas services business Contract Resources and three months from Federal Batteries which it acquired in September. The company said it is on track to meet market expectations for full year earnings and the next significant lift in profitability will come from further acquisitions.

“It is the first real demonstration of the value being generated by the group’s growth strategy, reflecting both the benefits of portfolio expansion, and also the advantages of diversification across different geographies and sectors,” chairman John Maasland said.

Hellaby is expected to produce full-year net profit of $28.7 million in 2014, from $18.2 million in 2013, according to analysts polled by Reuters.

Shares in Hellaby slipped 1.5 percent to $3.23 and have advanced 0.9 percent this year.

In the first half, Hellaby’s funding costs rose $1.8 million, reflecting its debt funded acquisitions, the company said. Still, its 24 percent gearing remained well within its target of less than 45 percent, it said.

Hellaby said it aims to improve the performance of its footwear division in the second half after it was the only unit where first half earnings lagged the previous period. Footwear earnings before interest, tax, depreciation and amortization fell to $700,000 in the first half from $2.5 million in the previous period as sales slipped 5 percent reflecting increased competition and weak market conditions, it said.

The company will pay a dividend of 5.5 cents a share on April 11, up from 5 cents the year earlier.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news