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

 


AsureQuality profit beats guidance on higher testing volumes

AsureQuality profit beats guidance on higher testing volumes

By Suze Metherell

Sept. 4 (BusinessDesk) - AsureQuality, the state-owned food testing company formed by the 2007 merger of Asure New Zealand and AgriQuality, beat forecast profit by 64 percent on higher testing volumes across its laboratories.

Profit rose to $12.5 million in the 12 months ended June 30, from $10.1 million a year earlier, beating the $7.6 million forecast in its statement of corporate intent, the Auckland-based company said in a statement. Sales rose 8 percent to $173.1 million, ahead of the forecast $156.9 million, which it said was due to higher testing volumes across its labs.

2014 was a year in which Fonterra Cooperative Group upped its focus on food safety and quality, after a false food alarm in August last year sparked a recall, and several investigations into the dairy exporter's quality assurance processes. Earlier this year, Fonterra was fined $300,000 over failures related to the food scare, including the dairy company's failure to inform AsureQuality, as a recognised agency, about product concerns early enough.

The state-owned enterprise expects profit of $10 million in the 2015 financial year on $174.2 million in sales, according to its statement of corporate intent for 2015 to 2017. That's up from an earlier forecast profit of $5.7 million, on $158.5 million of sales.

AsureQuality paid $4.5 million in interim and special dividends to the government, and would declare a final dividend on Sept. 16. In 2013 the company paid $8.5 million in dividend payments, including a $4 million final dividend in September.

In March the company appointed former Hansells Food Group boss John McKay as its new chief executive.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news