Craig Barrett (Ngāti Maniapoto) has been appointed as a director of Tainui Group Holdings. Barrett replaces former politician and broadcaster Tukoroirangi (Tuku) Morgan (Tainui), who had been in the role since 2021. Morgan was recently re-elected for a second term as chair of Te Arataura, the executive entity for Waikato-Tainui.
Currently a partner at Baker Tilly Staples Rodway, Barrett is also a member of the Institute of Directors and holds several trustee and directorship roles, including as chair of Maniapoto Māori Trust Board, chair of Puniu River Care, and director of Te Waka: Waikato’s regional economic development agency.
KMD Brands has recorded a statutory net loss of $9.2 million for the first half of its 2024 financial year, down from a profit of $14m year on year.
The NZX and ASX listed retailer behind Kathmandu, Rip Curl, and Oboz reported results for the six months ended January 31, 2024.
Group sales were down 14.5% to $468.6m from $547.9m, while its statutory earnings before interest, taxes, depreciation, and amortisation (ebitda) had decreased about 29% to more than $64m from over $90m year on year.
No dividend was recorded, down from a dividend of three cents per share during the previous corresponding period.
KMD Brands managing director Michael Daly said the company continued to experience consumer sentiment weakness, with sales down across all three brands.
Sales trends across all three brands were noted to have improved moving into the second half. While group sales for February were 3.5% below the year prior, February was not considered a significant trading month.
NZX-listed retirement operator Arvida Group has entered into a conditional agreement to sell its Timaru-based village, Strathallan, for $30 million.
The company, in a brief note to the stock exchange, said the sale price was a 3% discount on its valuation.
The buyer was not disclosed and the transaction was subject to necessary approvals being obtained, the company said.
Arvida expected the deal would be completed by the end of April or shortly after.
No reason was given for the divestment, but the company said in November that divesting non-core assets was one of the levers it could pull to keep gearing within its target range of 25% to 35%.
Strathallan was one of three villages Arvida acquired interests in from Hurst Lifecare in 2017 for $106m.
Housing Minister Chris Bishop has directed Kāinga Ora to take stronger measures against persistently antisocial behaviour by its tenants.
Bishop said he and Finance Minister Nicola Willis had sent an interim letter of expectations to the board of the housing agency telling it to end the sustaining tenancies framework, which allowed tenants to stay in a state house no matter how threatening or disruptive their behaviour was or how much they had damaged the home.
“New Zealanders are sick of hearing about terrifying and heartbreaking stories from neighbours of abusive and antisocial Kāinga Ora tenants. It’s completely unacceptable that people should have to live in fear,” he said.
The ministers also told Kāinga Ora to focus on dealing with rental arrears, tenanting vacant properties as soon as possible, as well as delivering savings as required.