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 The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced


Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election