Story image

AsureQuality posts 5% drop in 1H profit as costs rise; expects to beat FY target

04 Mar 2015

AsureQuality, the state-owned food-testing company, posted a 5 percent drop in first-half profit, reflecting higher operating costs to develop future revenue streams and higher interest costs.

Profit fell to $5.3 million in the six months ended Dec. 31, from $5.7 million in the year earlier period, the Auckland-based state-owned enterprise said in a statement. Revenue rose 9 percent to $87 million.

AsureQuality said it expects to exceed its full-year profit forecast of $10 million following improved trading in the first half and after a slower-than-expected impact from changes to the country's meat inspection regime. It had annual profit of $12.5 million last year.

"The revenue growth has been driven by a growth in laboratory testing volumes from the dairy and food sectors, and higher volumes of testing for live animal export shipments," the company said. Its higher operating costs were in line with budget, it said.

AsureQuality paid a special dividend of $2.5 million and an interim dividend of $3 million to the government, in line with payments in the year earlier period.

Need the perfect flatmate? AI can help
A Kiwi entrepreneur has developed a flatmate-finding service called Mogeo, which is an algorithm that matches people to the perfect flatmates.
GoCardless to double A/NZ team by end of year
With a successful E round of investment and continuing organic growth globally, the debit network platform company aims to expand its local presence.
NZ’s Maori innovators are on the rise
“More iwi investors need to recognise that these sectors will provide the high-value jobs our children need."
Phone ringing? This biohack wants you to bite down and ChewIt
So your phone’s ringing, but instead of swiping right or pushing a Bluetooth button you bite down on a tiny piece of tech that sits in your mouth.
How big data can revolutionise NZ’s hospitals
Miya Precision is being used across 17 wards and the emergency department at Palmerston North Hospital.
Time's up, tax dodgers: Multinational tech firms may soon pay their dues
Multinational tech and digital services firms may no longer have a free tax pass to operate in New Zealand. 
Spark’s new IoT network reaches 98% of New Zealand
Spark is the first company to confirm the nationwide completion of a Cat-M1 network in New Zealand.
WhatsApp users warned to change voicemail PINs
Attackers are allegedly gaining access to users’ WhatsApp accounts by using the default voicemail PIN to access voice authentication codes.