TNM

DB Breweries register lower profit

DB Breweries register lower profit

The profit for the December quarter of DB Breweries fell 28 percent.

It has been specified via the financial statements from its owner, Asia Pacific Breweries in Singapore, "Its New Zealand operations made a S$13.2 million (NZ$16.8 million) profit before interest, taxation and exceptional items, a 46 percent drop from the same quarter in 2007."

25 percent devaluation in the New Zealand dollar was included in the fall. The figure equated to a 28 percent fall, excluding the foreign exchange difference.

Hanover Finance asks for extra $2.8m from Krukziener

Hanover Finance asks for extra $2.8m from Krukziener

Troubled property developer Andrew Krukziener, who owes a debt to Hanover Finance even had another $2.82 million added to the debt in Auckland's High Court this morning.

It has been learnt that Hanover which obtained a summary judgment in its favour in 2007, over a debt of $4.159 million relating to a failed joint venture property development is now trying to bankrupt the disturbed developer.

Moody's downgrades Telecom due to grim economy

Moody's downgrades Telecom due to grim economy

Due to hiked competition, tight regulations and economic problems, the ratings service Moody's downgrade Telecom's senior and unsecured short term commercial paper ratings.

The outlook is stable and the ratings have gone down from A2/P-1 to A3/P-2.

With the rating action, the ongoing pressure on Telecom is quite well reflected. According to Moody's vice president and senior analyst, Ian Lewis, the pressure would continue given challenging operating conditions.

Crunchy apples ready for supermarkets

Crunchy apples ready for supermarkets

It has come to vision that two of New Zealand's most famous cultivars, royal gala and braeburn are creating a novel red bi-colour apple, which will hit the supermarket shelves in two years.

The produce dubbed as PremA193 was created at HortResearch and is now part of the Plant and Food Research state science company.

It should be noted here that rights to the apple in the domestic market and for exports have been sold to a consortium made up of Fresh New Zealand Ltd, Heartland Group Ltd, Johnny Appleseed Holdings Ltd and the PickMee Fruit Company Ltd.

NZ Refining reported rise in profit

NZ Refining reported rise in profit

New Zealand Refining Co., operating the only refinery in New Zealand at Marsden Point, near Whangarei, which had forecasted a profit for the year ending on December 31, between $115-125m in the month of October, had a profit higher by 11 percent of $124.9 million, on account of high refining margins and a favourable exchange rate. Its Revenue increased 18 percent to $397.8m.

$1 air fare offered by budget Airline Jetstar

$1 air fare offered by budget Airline Jetstar

Australian budget airline, Jetstar, in a bid to expand into the New Zealand market sold 30,000 $1 fares, one way on all the domestic routes between Auckland, Christchruch, Wellington and Queenstown, within three hours and had an overwhelming response in New Zealand and Australia.

These special web fares are available for the travel from July 22 to September 22, subject to the availability of seats on selected days and flights, excluding the public and school holidays.

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