TNM

Telecom shares are stable despite reduced profits

Telecom's share

Despite a 59% drop in the profits, Telecom's share prices remained largely stable after the announcements of the results. This year the company registered a profit of $163 million, for the six months, as compared to $397 million in the previous year.

Telecom Chief Executive, Paul Reynolds, said that despite the slowing economy the company focused in the broadband, mobile and ICT areas and its revenue increased

Appliance Connexion CEO killed

New Zealand

The chief executive of Appliance Connexion, Wayne Burton is no longer alive after an unfortunate incident of being hit by a car in Bucklands Beach in Auckland last night.

While walking with his wife yesterday evening, Mr. Burton was struck by a passing vehicle.

Back in 1998, Appliance Connexion was formed, which then became New Zealand's largest independent electrical buying group, with members including the 100% branded retailers as well as L V Martin, Magness Benrow Appliances and The Appliance Shed.

House sales plummeted to new low in January

Real Estate Institute of New Zealand

The lowest number of monthly sales since 1992 has been recorded by the Real Estate Institute of New Zealand (REINZ). The January sales figures of the institute display that just 3,706 homes were sold nationwide as compared with 5,186 in January last year.

According to REINZ president Mike Elford, the low turnover is a concern, and the benefit of lower interest rates is yet to make its mark.

In his statement, Elford said, "Its clear evidence that people are treading cautiously and reflects the uncertainty of the wider economic environment."

Year 2008 sees 0.9% growth in NZ population

population

According to latest Statistics New Zealand figures, the population of New Zealand has reached 4.29 million. There was an increase in the population by just over 39,000 or
0.9% last year compared with more than 41,000, or 1%, in 2007.

Since there was a fall in net migration, the growth in population was lower in 2008 than in 2007.

Transpower cops flak over cable collapse

Transpower

Today morning, power lines fell on nearly 20 suburban Auckland houses. However, no causalities were reported and all the residents have been safely evacuated from their homes. Some of the terrified residents had been trapped for hours.

As of now, the inspectors from Transpower were at the scene trying to clear away the broken 200,000 volt line which lies sprawled across homes, gardens and road.

"The cause of this morning's line plunge was still under investigation," said Transpower spokeswoman Adele Fitzpatrick.

Telecom’s profit likely to be down by 30%

Telecom's second quarter results are expected to post a 30% fall, after tax, and would not be a surprise as it is within the market predictions, a net profit of $121 million is expected.

According to ABN Amro Craigs broker, Peter, the share price of Telecom is not likely slide. Mr. Peter said, "Telecom will be reporting `Ferrit free', displaying some retail revival and mobile survival, which were all key messages from its first AGM under its new Chief Executive, Paul Reynolds."

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