Summerset Group, New Zealand’s third-largest listed retirement village operator, more than doubled first-half profit as it boosted sales after opening four new villages in the second half of 2014. Profit rose to $35.7 million, or 16.33 cents per share, in the six months ended June 30, from $15.3 million, or 7.04 cents, a year earlier, the Wellington-based company said in a statement. Revenue …

PGG Wrightson, the rural services firm controlled by China’s Agria Corp, beat its guidance with an 18.4 percent gain in annual earnings, led by an improved performance for seed and grain. It declared a lower final dividend after investing in businesses in Uruguay and Australia. Operating earnings before interest, tax, depreciation and amortisation rose to $69.5 million in the year ended …

By Suze Metherell July 23 (BusinessDesk) – Light regulation in the New Zealand dairy industry has insulated the wider economy from the sharp decline in prices for the country’s largest export commodity, according to minister of finance Bill English. Prices for whole milk powder, the country’s key commodity export, have plunged this year and dropped an unexpectedly large 10.7 percent …

Reserve Bank governor Graeme Wheeler cut the official cash rate a quarter-point to 3 percent and flagged more reductions are likely, while saying a lower kiwi dollar is needed to prop up the nation’s export sector. The New Zealand dollar jumped higher. “A reduction in the OCR is warranted by the softening in the economic outlook and low inflation,” Wheeler said in …

The New Zealand dollar fell along with other commodity currencies ahead of an expected Reserve Bank interest rate cut this morning. The kiwi dropped to 65.82 US cents at 8am in Wellington, from 66.16 cents at 5pm yesterday. The trade-weighted index declined to 69.99 from 70.20 yesterday. Commodity currencies, including the New Zealand, Australian and Canadian dollars, declined as oil …

New Zealand accounting software pioneer Xero expects to double global revenue to more than $200 million in the year to March 2016, based on current exchange rates, having taken eight years since listing on the NZX in June 2007 to reach its first $100 million. However, it is no rush to fulfil its intention to list on the US stock exchange before the release of …

The New Zealand dollar advanced as traders who had bet on the currency’s decline took profits ahead of the Reserve Bank interest rate decision tomorrow. The kiwi rose to 66.32 US cents at 8am in Wellington, from 65.89 cents at 5pm yesterday. The trade-weighted index gained to 70.37 from 70.21 yesterday. The Reserve Bank is expected to cut the official cash …

By Fiona Rotherham July 22 (BusinessDesk) – Shareholders of AWF Madison Group, the country’s largest recruiter and labour provider, have voted in favour of a $150,000 increase in the directors’ fee pool at the annual general meeting in Auckland today to cover an enlarged board and give long-time directors their first pay rise in five years. The annual pool will …

By Fiona Rotherham July 22 (BusinessDesk) –  Al Monro has been appointed to the board of government-funded business innovation agency Callaghan Innovation, replacing Sir Peter Maire who’s stepping down after two years to focus on his business interests. Callaghan Innovation was set up in 2013 to support kiwi businesses in science and technology-based commercialisation. Board chair Sue Suckling said Maire, …

New Zealand’s banks are in a good position and should be able to withstand pressure on the agricultural sector from weaker dairy prices, according to ratings agency Moody’s Investors Service. The credit ratings agency is in the process of updating its New Zealand Banking System Outlook annual report, which will include a slight moderation in economic growth to reflect the …