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PM concedes running a country is harder than running a business
Brent Edwards and Simon Shepherd
Thu, 28 Aug 2025
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Quick Takes
NZ adds jobs and business confidence rises
Two sets of data paint a slightly improving picture for the New Zealand economy.
Statistics NZ said seasonally adjusted filled jobs rose 0.2%, or 5503 jobs, to 2.35 million filled jobs in July, when compared with June.
The primary industries and service sector added jobs, while goods-producing industries declined.
Meanwhile, ANZ’s monthly business confidence survey rose two points this month to a net 50% predicting better business conditions in the months ahead.
Expected ‘own activity’ fell two points to a net 39%. One-year-ahead inflation expectations eased slightly to 2.6%.
ANZ chief economist Sharon Zollner said its business survey was consistent with the RBNZ’s updated view that the economy needed more support – further interest rate cuts.
“The pain from previous weakness continues to percolate, showing up this month particularly in the sharp drop in reported employment in the construction sector. The recovery will unfortunately not come soon enough for some.”
Air NZ annual profit slumps 14% on engine maintenance issues
Air New Zealand has reported a net profit after tax of $126 million for the year to the end of June, down 14% on last year.
The dual-listed airline’s earnings before tax also dropped 15% to $189m, as the company struggled with “ongoing global engine maintenance challenges, significant cost inflation and a soft domestic market”.
Available seat kilometres – a measure of capacity – was down 4% due to as many as six narrowbody and five widebody jets being grounded due to additional engine maintenance requirements.
That translated into a passenger revenue decline of 2% to $5.9 billion.
The airline said its FY26 outlook was uncertain given compensation discussions with engine makers were still ongoing.
It said it expected earnings for the first half of FY26 to be similar to or less than the $34m reported in the second half of FY25.
Air NZ's outgoing CEO Greg Foran said the company was seeing "early signs that the most acute phase of disruption will be behind us within the year".
Less than half of Vulcan institutional shareholders take up offer
Less than half of Vulcan Steel’s institutional shareholders have participated in its $96.3m capital raise.
The dual-listed company has completed the institutional component of the offer, raising A$59.4m, with 45% of eligible shareholders taking part.
Vulcan’s four large pre-IPO investors did not take up their rights. The company said that if their entitlements were excluded, the take-up rate would have been 75%.
The shortfall entitlements were auctioned off in a bookbuild, with eligible parties receiving A$0.50 for each entitlement sold.
Chief executive Rhys Jones said he was encouraged by the support shown by existing and new shareholders.
The retail portion of the capital raise will open on 2 September. Investors who take up their full entitlement can apply for additional shares, which will be offered for sale in a bookbuild at a price equal to or above the offer price.
Vulcan is raising the funds to support the acquisition of roofing products firm Roofing Industries for $88m.
Summerset Group lifts net profit by 26%
Summerset's net profit for the six months ended June was $127.2m, up 26.4% on the same period a year ago. However, this included a large gain in the fair value of its properties.
The company’s underlying profit, which excludes one-off items, rose 19% to $106.6m.
Revenue for the half-year increased 14.1% to $173m from $151.6m, driven by a strong lift in both care and deferred management fees.
Summerset sold 692 units during the period, a 22% increase on a year ago and a record for the company.
Chief executive Scott Scoullar said the firm delivered a “credible result” in what he acknowledged was a challenging economic environment.
Net debt rose to $1.84b, above analysts’ expectations of $1.78b, but the company expected this to reduce significantly in the second half.
The board declared an interim dividend of 11.3 cps.
Looking ahead, Q3 sales are expected to be in line with the June quarter, and it expects to deliver $295m in project cash profits out of current developments.
Hallenstein Glasson reports sales and profit growth
NZX-listed retailer Hallenstein Glasson has reported an 8.1% increase in sales to $470 million for the 12 months through to August 1.
Meanwhile, net profit before tax was expected to range between $57.5m and $58.5m, up roughly 11.4% from $52.1m year on year.
The balance sheet for the group was said to remain strong with record cash reserves and well-maintained stock levels.
Hallenstein Glasson will report full annual results on September 26.
Allied Farmers to exit livestock trading
NZX-listed Allied Farmers has announced it will exit livestock trading and financing with the sale of its 67.8% stake in NZ Farmers Livestock.
The conditional deal is subject to shareholder approval as a major transaction at the Allied Farmers annual meeting in November.
The buyer was named as South Island livestock agency Rural Livestock Ltd.
Allied Farmers said sale price was at an enterprise value of $11 million.
In May Allied Farmers said it would report “materially higher” earnings for the year to June based on a strong performance from NZ Farmers Livestock.
After the sale, Allied Farmers’ sole business will be as manager of NZX-listed NZ Rural Land Co.
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