PMP plans further cost cutting as sales, earnings slide 16 Feb 2012
- MARKET CLOSE: NZ shares fall as oil prices weigh on NZOG Business
- Lambskin prices slump Business
- Mowbray widens 1H loss, considers future as listed company Business
- NZ dollar heads for 0.7% monthly gain in November Business
- High NZ rates will keep luring investors into kiwi Business
- Final report of WPC inquiry received News
- Precinct to raise up to $75M in bond offer to repay banks Business
- NZ business confidence extends post-election gains Business
- Martinborough winemaker receives conservation award Kiwi Success
- FMA boss Everett sees changing landscape under new law Business
PMP, the ASX-listed magazine printing and distribution company, is embarking on another round of cost cuts after operating earnings tumbled by almost a third in the first half.
Earnings before interest and tax, excluding significant items, dropped 28 percent to A$23.1 million. Sales fell 7.1 percent A$577.5 million. The company turned to a net profit of A$4.6 million from a loss of A$14.8 million in the previous year, when it took an A$19.2 million charge to write down book distributer Scribo.
“As a consequence of the poor trading environment in the first half of the year and our expectation that this weakness will continue in the second half of the year, a further round of cost reductions as planned,” said Richard Alley, chief executive. “We expect full year EBIT (before significant items) to be in the range of A$43 million to A$47 million.”
Earlier this month the printing company wrote down its New Zealand printing business, Gordon and Gotch, by A$2.2 million, citing weak market conditions. New Zealand sales fell 7.1 percent for the six months ended Dec.31, while EBIT before significant items dropped A$1.4 million from A$2.1 million.
In Australia, revenue was down 2.9 percent, driven by lower volumes in heatset printing operations and directory printing. ETIB also fell 23 percent to A$23.1 million, when compared with the same period a year earlier.
The directors declared a first-half dividend of 1 cent a share.
Its shares are currently trading on the ASX for 42.5 Australian cents.
27 Nov 2014 News
Foreign Minister Murray McCully travels to Brussels this weekend to attend the North Atlantic Treaty Organization (NATO) Foreign ... more
28 Nov 2014 Business News
Article - BusinessDesk China's crackdown on polluting tanneries, Russia sanctions drive record slump in lambskin prices By ... more
28 Nov 2014 Entertainment
Rhythm Group Rhythm Group Entertainment is excited to announce that Chase an... more
28 Nov 2014 Lifestyle
Bluesfest Bluesfest Touring are thrilled to confirm yet another series of fantastic New Zealand sideshows, adding to the array of... more
28 Nov 2014 Property
By Paul McBeth Nov. 28 (BusinessDesk) - New Zealand house building consents rose at their fastest monthly pace in more than two... more
28 Nov 2014 Migration
Foreign Minister Murray McCully has announced the reinstatement of New Zealand’s High Commissioner to Fiji. “New ... more
24 Nov 2014 Migration
NZ net migration rises to fresh record in Oct as more kiwis return, Indian students arrive Nov. 24 (BusinessDesk) - New Zealand's... more
28 Nov 2014 Travel & Tourism
Customs Minister Nicky Wagner congratulates the twenty seven new Customs officers who are graduating in Auckland today, in time to ... more
28 Nov 2014 Rugby League
Auckland Rugby League The Auckland Rugby League has today announced a new initiative which will see students able to gain NCEA... more
28 Nov 2014 Opinion
Column - Gordon Campbell Gordon Campbell on Andrew Little’s debut, Mockingjay, and drunk texting by Gordon ... more
27 Nov 2014 Opinion
As anyone who’s ever encountered him around Parliament will verify, Chris Finlayson’s arrogance is matched only by his... more
28 Nov 2014 People
Police in Southport have reunited war medals belonging to a local soldier with his surviving family 12,000 miles away in New Zealand.... more
28 Nov 2014 Recruitment
The robots might not match the Terminator but it was hoped the students controlling them might one day use the catchphrase... more
12 Nov 2014 Recruitment
Article - BusinessDesk Smiths City starts search for new CEO after Hellings signals exit By Paul McBeth Nov. 12 (BusinessDesk)... more