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

 


Airwork lifts annual forecast profit on helicopters

Airwork lifts annual forecast profit on strong helicopter unit trading

March 19 (BusinessDesk) - Airwork Holdings, the aviation services specialist which listed last December, says annual profit will beat its offer document forecast by $1 million as its helicopter division operates ahead of expectations.

The Auckland-based company expects net profit of $9.4 million in the year ending June 30, up from the forecast $8.4 million in its initial public offer document, it said in a statement. The upgrade comes after Airwork affirmed the IPO forecast last month when reporting its first-half result.

The “helicopter division continues to perform strongly with trading and overhaul activity further improving ahead of expectations,” it said.

The company’s helicopter unit boosted first-half sales 23 percent to $31.4 million in the six months ended Dec. 31, even as flying hours dropped due to an ongoing dispute with a customer in the South Island.

Airwork said it had reached a satisfactory insurance settlement over an incident at Honiara Airport in the Solomon Islands in January, and has also signed a term sheet with lender Commonwealth Bank of Australia to refinance debt maturing in 2014 for another four years.

The shares rose 0.7 percent to $2.80 yesterday, and have gained 7.7 percent from their $2.60 offer price in December. First NZ Capital, which follows the stock, rates it a hold with a price target of $3.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news