25 Mar 2015

Business Briefs

2:48 pm on 25 March 2015

A round-up from Radio New Zealand's business reporters - including Nufarm reports half-year profit, premium and economy travel rises and DNZ to sell property for $6.3m.

Nufarm reports half-year profit

Nufarm has reported a higher half-year profit.

The company's net profit rose 23 percent to about $23.2 million Australian dollars in the six months to the end of January, compared with the same period a year earlier.

Revenue rose by 4 percent to about $A1.2 billion.

It said business conditions have been challenging in some of the company's major markets, particularly in Australia and in Brazil, but it has achieved earnings growth in all major crop protection regions.

Nufarm declared an interim dividend of 4 cents.

Rise in premium and economy travel - assoc

The International Air Transport Association said premium and economy travel has risen.

It said economy class travel jumped almost 4 percent in January, when compared to the same month last year, while premium travel remained flat.

The association said longer-haul markets continued to perform well, including the Middle East and Europe.

DNZ Property to sell $6.3m Auckland office property

DNZ Property Fund said it has entered into an unconditional contract to sell an office property for $6.3 million in Auckland.

It said the property at 8 Rockridge Road was valued at $6.5 million in September last year.

DNZ has previously said the $155 million NorthWest Shopping Centre project will be funded from a combination of bank debt and selling assets.

Settlement is scheduled for 30 March.

Air NZ to start flying to Argentina

Air New Zealand will start flying to Argentina from the start of December.

The national carrier will fly to Buenos Aires three times a week on Tuesdays, Fridays and Sundays.

Last month, Air New Zealand chief executive, Christopher Luxon, said while China was an increasingly lucrative market, it made sense to expand into new parts of the world and establish Auckland as a hub, between Asia and South America.

Air New Zealand will offer code share services on Aerolineas Argentinas beyond Buenos Aires to Rio de Janeiro and Sao Paolo in Brazil, subject to regulatory approvals.

Aerolineas Argentinas will code share on the Auckland service as well as on certain trans-Tasman services to Sydney and Melbourne.