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

 


UPDATED: Abano says FY earnings before minorities to rise

UPDATED: Abano says full-year earnings before minorities to beat Grant Samuel estimate


(Recasts to reflect company explanation of profit figures)

March 18 (BusinessDesk) – Abano Healthcare says annual profit before minority interests will exceed the estimate in a Grant Samuel report given last November when the healthcare investor was fending off a proposal from a hostile shareholder.

The Auckland-based company gave the guidance in a market update. Net profit after minority interests would be between $4.5 million and $5 million in the year ending May 31. The Grant Samuel report gave a profit forecast of $5.4 million, although this included $1.4 million owing to non-controlling shareholders in subsidiaries, chief financial officer Richard Keys told BusinessDesk.

Annual revenue is expected to be between $209.8 million and $211.8 million, down from a forecast of $213.8 million in the Grant Samuel report, although up from $207 million in 2013. A strong New Zealand dollar against its Australian counterpart had depressed the forecast results.

Abano said underlying earnings, which strips out one-off gains and losses, will be between $5.8 million and $6.3 million, compared to $4.5 million a year earlier.

"The forecast increase in reported and underlying NPAT for the FY14 year is the result of an improving dental performance along with Bay Audio's solid progress as it moves towards achieving a breakeven result," managing director Alan Clarke said in a statement. "The acquisition pipeline is still strong, although acquisition settlements are expected to be slower during the final quarter due to vendor requirements."

The company has previously put a $400,000 price tag on a takeover bid by Archer Capital and Abano investors Peter Hutson and James Reeves.

They had given an indicative price range of $6.97 - $7.14 per Abano share, lower than the $8.30 to $10.05 valuation given by Grant Samuel.

The statement was released after the close of trading, with the shares unchanged at $6.55. The stock has increased 2.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news