\u2019A staggeringly good update\u2019<\/p>\n
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.<\/p>\n
\u201cMeridian has been the most expensive of the gentailers, and there was no hook in its annual result to justify its valuation,\u201d he said.<\/p>\n
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%.<\/p>\n
Goodson said Hallenstein Glasson made \u201ca staggeringly good update. Hallenstein\u2019s core focus is on the basics and not taking a fashion risk, and they just keep on executing.\u201d<\/p>\n
Air NZ, unchanged at 38.5c, reported an annual loss before taxation of $336m<\/a>, 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.<\/p>\n 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.<\/p>\n Goodson said Air NZ faced a very difficult combination of circumstances, and an airline can make a turnaround unbelievably quickly.<\/p>\n 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.<\/p>\n Channel\u2019s revenue was up 4%<\/a> 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.<\/p>\n 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.<\/p>\n Sky TV increased underlying revenue 9%<\/a> 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.<\/p>\n The company is targeting revenue of $825m-$840m and ebitda of $155m-$165m for the 2027 financial year.<\/p>\n Other stocks<\/p>\n 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.<\/p>\n 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%.<\/p>\n The company reduced debt by $51.8m and is paying a final dividend of 22c per share on October 9.<\/p>\n 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.<\/p>\n Foley said a bumper 2025 harvest and a well-documented oversupply of New Zealand wine resulted in a very competitive marketplace and deep discounting.<\/p>\n Port of Tauranga was down 2c to $8.10 after reporting annual revenue of $486.5m<\/a>, up 4.7%, and underlying net profit of $155.3m, an increase of 23%.<\/p>\n 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.<\/p>\n M\u0101nuka 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.<\/p>\n Winton Land was down a further 7c or 6.25% to $1.05 after another director, Julian Cook, resigned<\/a>. 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.<\/p>\n