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

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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