Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Improved half year result for Carter Holt Harvey

17 July 2002

Improved half year result for Carter Holt Harvey

Carter Holt Harvey today announced that its consolidated net earnings for the six months to 30 June 2002 was $73 million, compared to a loss of $15 million for the same period last year. Operating earnings (EBIT) increased by 74% to $143 million, compared to $82 million made a year earlier.

Consolidated net earnings of $56 million were made in the June Quarter, compared with $17 million in the March quarter and a loss of $34 million in the same quarter last year.

Carter Holt Harvey CEO Chris Liddell said he was pleased to see the improvement in the company’s results and attributed this equally to improving markets and a focus by management on several initiatives.

“We had sales of over $1billion for the last quarter – the result of developing new businesses, markets, products & services. Our exports continue to grow with New Zealand export sales for the first half up over 19% on the same period last year.

“We’ve also maintained our focus on working capital, reducing it by $202 million over the last 12 months. Capital expenditure as a percentage of depreciation and amortisation is at its lowest level since 1994. Selling and administration costs are decreasing as a percentage of sales. We are benefiting from the hedging position we put in place against the rising NZ dollar.

“In addition, our balance sheet remains especially strong with net interest bearing debt $420 million less than a year ago and the ratio of debt to total assets is now the lowest it has been in over a decade.”

Looking forward Mr Liddell said, “While the global outlook continues to be mixed, we expect over the remainder of the year to see a continuation of the solid operating performance experienced in the first half of 2002.”

- ends –

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Another Reason To Loathe HR Departments (And On The Teachers Strike)

This morning’s news item about Police emergency call centre staff turning up for work while they’re sick – because they’re afraid their sick leave statistics will be used against them, and their jobs put in jeopardy – is not an isolated case...

Obviously, sick people shouldn’t be being treated by doctors and nurses who are themselves sick and potentially infectious. Similarly, Police emergency calls also need to be fielded by people who’re feeling alert, and on top of their game. More>>


MPs' Computers To Be Searched: Inquiry Into Leak On Simon Bridges' Expenses

An inquiry has been launched to find out who leaked the National Party's expenses to the media... Parliament's speaker, Trevor Mallard, said a Queen's Counsel would lead the inquiry with the help of an employment lawyer and also someone with forensic IT skills. More>>


Teachers Strike: Nationwide Rallies And Marches

Teachers and principals voted for a full day strike to be held on 15 August to send a strong message to the Government that the current collective agreement offers from the Ministry of Education would not fix the crisis in teaching. More>>


Wellington.Scoop: City Council Ends Its Support For Jackson’s Movie Museum

The Wellington City Council and the Movie Museum Limited have today announced a mutually-agreed parting of the ways for a joint project between the Council’s Convention Centre and TMML’s Movie Museum... Both parties remain optimistic for the future of their respective projects. More>>

Pay Equity: Historic Settlement For Education Support Workers

The New Zealand Educational Institute (NZEI) and the Ministry of Education today signed Terms of Settlement to address a pay equity claim for 329 support workers who work with very young children in early childhood and primary schools. More>>


Gordon Campbell: On The Stereotypes About Jacinda Ardern

Routinely, female politicians get depicted as either show ponies or battle axes, with little room for anything else in between. .. More>>

Weekend Interviews: "Discriminatory And Racist" Aussie Deportations

The former president of Australia’s Human Rights Commission Gillian Triggs says deportations have risen dramatically in Australia since 2014 when ministers and ministerial delegates were given the power to cancel visas - and half of those being deported are New Zealanders. "These are massive numbers, actually escalating dramatically."... More>>


Legal Challenge: Prisoner Has 9 Boxes Of Documents Seized

Human rights organisation People Against Prisons Aotearoa says a prisoner they advocate for has had 9 boxes of legal documents seized from him just days before his case against the Department of Corrections was to be heard. More>>

Single-Use Plastic Bags: Govt To Phase Them Out

Single-use plastic shopping bags will be phased out over the next year, Prime Minister Jacinda Ardern and Associate Environment Minister Eugenie Sage announced today. More>>





Featured InfoPages