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


Newcall Group Financial Results

Newcall Group Financial Results
For Six Months To 30 June 2002

Newcall Moves Into Black For First Time
Positions for strong future growth in country's emerging broadband market

AUCKLAND 27 AUGUST 2002: Newcall Group Limited is demonstrating the first real signs of recovery. The results of the first six months' performance to 30 June 2002 show the group is trading in the black for the first time since it acquired The New Zealand Salmon Company Limited (NZ Salmon) in October 1999 and launched on the NZSE as Newcall Group Limited (NGL). It is also the first profit for NZ Salmon since 1995.

NGL reported a profit of $365,936 on gross revenues of $12,192,817 for the period. Net profit was however reduced to $144,006 after a $221,930 write down of goodwill as required by the group's auditors. (This compares with gross revenues for the same period last year of $11,833,000 with a loss of $4,5877,000 after write down of goodwill of $790,000.)

The group also benefited from a $527,000 foreign exchange gain in the reporting period by reaching an agreement with all foreign debt holders to convert all US dollar denominated debt into New Zealand dollar denominated debt.

NGL managing director, Jim Bracknell, said that although withdrawing from the telecommunications market was very difficult for the group, it was a timely decision that had freed the company from the operating losses that resulted from being a tolls reseller.

"It has given us a renewed opportunity to use the group's assets, expertise and experience to refocus and continue with the single-minded goals of growing profitable revenue and enhancing value to shareholders," he said.

NGL, he said, was continuing with a solid profitable foundation and as long as existing hedge contracts were in force, the group's electricity retailing subsidiary, Energy Online Ltd, was assured of producing a healthy contribution to the bottom line. "However, the board is continuing to examine options which will maximise shareholder value," he added.

Mr Bracknell said the 'real excitement' for the group lay in the combined strengths of ISP subsidiary Iprolink Ltd, and specialist utility billing and CRM subsidiary, Newcall Technology Ltd.

"Together they are placing NGL in a tremendously advantageous position to provide significant services and systems to the country's emerging broadband networks, particularly those in the rural areas," he said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>


Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>


Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>


MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>


NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>


Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>