PMP plans further cost cutting as sales, earnings slide 16 Feb 2012
- TSB Bank writes off $53.9 mln Solid Energy debt Business
- PGC posts 1H loss, writes down Perpetual receivable Business
- MARKET CLOSE: NZX 50 rises to a record; Genesis, PFI gain Business
- NZ dollar heads for 0.4% weekly gain; USD poised to rise Business
- Fonterra's Glencoal says Waikato mine delayed, not on hold Business
- Solid Energy delays 1H report on weaker coal price forecast Business
- Bathurst sinks into the red in 1H, waiting for coal price Business
- NZ business confidence gains in Feb as ag sector gets happy Business
- Countdown boosts 1H earnings 2.9% on cost cuts, volume gains Business
- UPDATE: US wine-drinkers trading up, Delegat says 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.
1 Mar 2015 News
TVNZ Q + A 2015 Episode 1 WINSTON PETERS Interviewed by CORIN DANN CORIN Mr Peters joins me now. Good morning to you.<... more
25 Feb 2015 Business News
By Suze Metherell Feb. 25 (BusinessDesk) - New Zealand shares rose to a record, led by Xero after it raised $147 million from two... more
25 Feb 2015 Business News
Article - BusinessDesk Tourism Holdings beats 1H guidance on reduced fleet, wider margins By Suze Metherell Feb. 25 ... more
27 Feb 2015 Entertainment
Creator Sylvia Anderson to Feature in Special Thunderbirds Are Go Episode And Lady Penelope, Parker And Brains Pictures Are... more
27 Feb 2015 Property
NZ building consents fall for a second month in January, housing permits drop Feb. 27 (BusinessDesk) - New Zealand... more
25 Feb 2015 Property
Auckland inner-city height restrictions weighing on supply, RBNZ's Wheeler says Feb. 25 (BusinessDesk) - New Zealand's government... more
30 Jan 2015 Migration
NZ migration surged to record in 2014, helped by robust economy Jan. 30 (BusinessDesk) - New Zealand migration surged to a... more
25 Feb 2015 Travel & Tourism
By Fiona Rotherham Feb. 25 (BusinessDesk) - The only cloud on Air New Zealand’s horizon in coming months will be yield ... more
1 Mar 2015 Cricket
STEPHEN FLEMING: Nervy in the end but New Zealand will take the positives Win shows why Brendon McCullum’s men can be considered... more
27 Feb 2015 Opinion
Gordon Campbell on the wage hike for MPs, and Paul Robeson Hard to tell what is more infuriating. Is it the 5.3% increase on... more
25 Feb 2015 Opinion
Gordon Campbell on whether New Zealand troops are the least of Islamic State’s problems Given that it has been ... more
20 Feb 2015 Appointments
Foreign Minister Murray McCully has named diplomat Billie Moore as New Zealand’s new Consul-General in Sydney. "Ms Moore will... more
19 Feb 2015 Recruitment
Tertiary Education, Skills and Employment Minister Steven Joyce says better-than-expected Better Public Services results mean the ... more
4 Feb 2015 Recruitment
The latest labour market data shows continuing strong employment growth with 80,000 more jobs added to the New Zealand economy in ... more