’A staggeringly good update’
Matt Goodson, managing director of Salt Funds Management, said it was hard to understand the fall in Infratil, given that a data-centre rival, NextDC, was up more than 2% in Australia.
“Meridian has been the most expensive of the gentailers, and there was no hook in its annual result to justify its valuation,” he said.
Transtasman clothing retailer Hallenstein Glasson surged 90c or 8.37% to a record $11.65 after telling the market that group sales for the year ending August 1 increased 19.6% to $563m, benefiting from a strong Australian dollar. Net profit is expected to be $83m-$84.5m, up about 43.5%.
Goodson said Hallenstein Glasson made “a staggeringly good update. Hallenstein’s core focus is on the basics and not taking a fashion risk, and they just keep on executing.”
Air NZ, unchanged at 38.5c, reported an annual loss before taxation of $336m, compared with earnings before tax of $164m in the previous year, and a net loss of $242m on revenue of $7 billion, up 3.9%. Its operating cash flow was $819m, down from $940m previously.
The national airline said the result was largely driven by higher fuel prices ($135m net impact), ongoing multi-year engine availability issues, additional maintenance costs on leased engines, and aviation system costs rising well above inflation.
Goodson said Air NZ faced a very difficult combination of circumstances, and an airline can make a turnaround unbelievably quickly.
Channel Infrastructure increased 22c or 6.88% to $3.42, and Sky TV gained 19c or 5.65% to $3.55 after producing strong results.
Channel’s revenue was up 4% to $72.9m and net profit 47% to $19.25m for the six months ending June. It is paying an interim dividend of 7.25c a share, up 16%, on September 24.
Channel has signed a 15-year contract with BP to store additional jet fuel and diesel at the Marsden Pt terminal, expected to generate total revenue of $130m.
Sky TV increased underlying revenue 9% to $826.1m and net profit 193.5% to $59.8m for the 12 months ending June. It is paying a final dividend of 17c per share on September 25.
The company is targeting revenue of $825m-$840m and ebitda of $155m-$165m for the 2027 financial year.
Other stocks
Wine exporters Delegat Group increased 22c, or 5.14%, to $4.50, and Foley Wines was up 2c or 3.77%, to 55c following their solid annual results.
Delegat increased its global case sales by 4% to 3.3 million and posted a similar gain in revenue to $364.1m. Operating earnings (ebitda) were $134.5m, up 15%, and operating net profit $61.5m, up 20%.
The company reduced debt by $51.8m and is paying a final dividend of 22c per share on October 9.
Foley Wines had a 3.9% decrease in revenue to $67.8m and net profit of $2.9m, up 258.2%, with case sales of 552,000, down 9.5%. It is paying a final dividend of 2c a share on October 23.
Foley said a bumper 2025 harvest and a well-documented oversupply of New Zealand wine resulted in a very competitive marketplace and deep discounting.
Port of Tauranga was down 2c to $8.10 after reporting annual revenue of $486.5m, up 4.7%, and underlying net profit of $155.3m, an increase of 23%.
Total trade of 24.6 million tonnes was down 3%, and container volumes were steady at 1.21m TEUs (20-foot equivalent units). The port company expects full-year 2027 earnings of $160m-$175m.
Mānuka honey producer Comvita, up 3c or 3.8% to 82c, returned to profit with $7.7m following the loss of $104.8m in the previous year.
Winton Land was down a further 7c or 6.25% to $1.05 after another director, Julian Cook, resigned. Winton has fallen from a share price of $1.44 at the start of the week, a week that saw the resignations of two directors and chief financial officer Jean McMahon.
Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.