PMP plans further cost cutting as sales, earnings slide 16 Feb 2012
- Steel & Tube shares recover from 15-year low Business
- China Construction provides $140M cash infusion for NZ unit Business
- Restaurant Brands to kickoff home delivery of KFC Business
- Grant Samuel rolled out again to back Silver Fern Farms deal Business
- Stephen Copulos becomes 2nd largest shareholder in ARB Business
- Godfrey Hirst granted leave for narrow appeal Business
- Dip in June milk collection not as big as previously thought Business
- NZ staff turnover rising as balance tips Business
- NZ dollar little changed after RBNZ signals rate cuts Business
- MARKET CLOSE: NZ shares gain, Steel & Tube and Xero advance 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.
23 Jul 2016 News
The Nation On The Nation: Lisa Owen interviews John Tamihere and David Seymour Youtube clips from the show are available
18 Jul 2016 Business News
Article - BusinessDesk Monday 18 July 2016 05:16 PM NZ caught in global backlash against Chinese steel imports July 18 (BusinessDesk)... more
13 Jul 2016 Business News
Article - BusinessDesk Wednesday 13 July 2016 03:10 PM Regulator, shareholder lobby welcome customer obligation for financial... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more
21 Jul 2016 Property
Article - BusinessDesk Thursday 21 July 2016 04:55 PM UDATE: All five leading retail banks require 40% deposit from property ... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
12 Jul 2016 Travel & Tourism
Article - BusinessDesk NZ guest nights fell in May, snapping 25 consecutive monthly gains July 12 (BusinessDesk) - New Zealand guest... more
22 Jul 2016 Sport
Shearing Sports New Zealand NZ shearers in Wales July 21, 2016 World champion shearer Rowland Smith has become the fifth New... more
21 Jul 2016 Netball
Netball New Zealand Wellington A Black wins Netball NZ U17 Champs titleMedia ReleaseThursday 21 July, 2016The capital has, for the... more
7 Jul 2016 Opinion
Column - Gordon Campbell Gordon Campbell on Tony Blair and the Chilcot Report | werewolf more
14 Jun 2016 Opinion
Column - Gordon Campbell Gordon Campbell on our paltry refugee response and a brazen US rewrite of the TPP First published at... more
13 Jul 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 13 July 2016 New Supreme Court and Court of Appeal ... more
7 Jul 2016 Recruitment
Article - BusinessDesk Fletcher chases 100 ex-pat Brits as construction sector faces capacity constraints July 7 (BusinessDesk) -... more