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

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news