Trade Me Group is distributing $100 million via a 22 cents per share special dividend, as the online auction company announced it turned over more than $250 million for the first time to deliver a 3.9 per cent increase in net profit for the year to June 30 of $96.6 million.
Air New Zealand has announced pre tax earnings of $540 million, the second highest profit in the airline's history, and it will pay staff an $1800 bonus.
Net profit after tax grew 2.1 per cent to $390m.
Staff bonuses of up to $1800 will be paid to all permanent employees who do not participate in a short-term incentive programme.
Fletcher Building has made a $190 million loss, only the second time since listing on the NZX in 2001 that it slipped into the red, shareholders will get no dividends for the full year and no trading update has been provided.
The company with a market capitalisation of $5.8 billion this morning released its annual result for the year ended June 30.
It declared a loss of $46m in 2009 and said today FY19 earnings guidance would not be provided until the annual shareholders' meeting later this year.
The $190m loss for the June 2018 year is a big turnaround from the $94m profit for the June 2017 year.
"In line with the company's dividend policy to pay dividends in the range of 50-75 per cent of net earnings before significant items, no final dividend was declared in FY18. The company expects, subject to satisfactory trading performance, to be in a position to resume dividends in FY19," it announced to the NZX this morning.
In the 2008 GFC, the companies that first went under were:
1) Finance Companies -
2) Building Companies - unfinished projects and subdivisions.
2) Car dealers -
3) Tight Credit controls by major banks - leading to Government introducing deposit guarantee scheme for fear of capital flights.
- The government of the day was in a dilemma in holding on many finance companies' assets and subsequently making a sale or redemption in higher profit to pay back to the Crown in guaranteeing the depositors' money. In that period, the Government would have to make sure the property market functioning okay as they were exposed to the Assets of finance companies they were holding on.
- Then Came Christchurch earthquake, the government had to buy out the red zone houses by using taxpayers money, they have to use relaxed policy for the property market to gain confidence, otherwise, the crown will be exposed in those toxic assets.
Many people now look at the property market and didn't think much of those 2 major events that led to Government's policy at that time.
In short, too early to make a call yet..... wait till Overseas investment Act swings into full force in the next few months.