A few disappointing results from companies with December balance dates dragged aggregate profits down, despite most results being broadly in line with expectations, an analyst says.
Harbour Asset Management analyst Craig Stent estimated overall profits were about 1.5 percent lower than expected, thanks to poor results from companies such as Telecom, Contact and TradeMe.
More positive results from Sky Network Television, Meridian Energy and Auckland International Airport were not sufficient to completely offset these disappointments, he said.
"The results from the majority of companies were largely in line with consensus expectations."
Most companies were positive about the outlook for the coming year, Mr Stent said.
"On average, companies were fairly upbeat. Obviously not as pessimistic as what they've been.
"General conditions in New Zealand are improving and we're going to have GDP growth of 4 percent or above this year, so there are signs that things are improving and hopefully it flows through to the top line for New Zealand companies."
