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

 


PGG Wrightson says full-year earnings were $56M-$58M

PGG Wrightson says full-year earnings were $56M-$58M, beating guidance

June 19 (BusinessDesk) - PGG Wrightson, the rural services firm controlled by China’s Agria Corp, said full-year earnings exceeded its guidance even in the face on unfavourable weather and announced the $30 million purchase of a company that owns properties it leases.

Operating earnings before net finance costs, income tax, depreciation, amortisation, fair value adjustments, non-operating items and equity accounted earnings was between $56 million and $58 million, beating the guidance it affirmed in February of $52 million to $56 million.

"The market and PGW’s trading performance has held up well in the past six months despite some localised challenges," chief executive Mark Dewdney said in a statement. "The upper North Island saw another summer drought develop with farmers looking for rains to come mid-April. Just as this happened we also experienced a tough spell in the South with very wet and cold weather conditions challenging arable production and winter sowing activities."

Wrightson also said it has acquired AG Property Holdings, having sold it 40 properties subject to lease back, at the time of the 2005 merger between Wrightson and Pyne Gould Guiness. The properties include retail stores, seed processing sites and livestock saleyards. AG Property has no other assets.

"The decision to sell the properties was made at a different point in time, and the company now has a completely different look to its balance sheet and we are pleased to have been able to negotiate their acquisition," Dewdney said.

Wrightson shares were unchanged at 41.5 cents and have gained 3.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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