Airways profit soars 20pc
The growth of the aviation industry, which led to the busiest summer for the country’s skies on record, has seen Airways’ profit soar. The stateowned enterprise, which provides air traffic control services for the country, said yesterday its after-tax profit for the six months to December 31 was $13.8 million, up 20 per cent. More flights to and from Asia, as well as more domestic flights, led to an extra 315 jet movements a week last year. Airways was investing $41m in projects this year, which included a satellite aircraft surveillance system and a domestic air traffic management platform.
NZME delivers stable results
Media company NZME achieved a ‘‘stable performance’’ in 2016, chief executive Michael Boggs says. NZME, which owns the New Zealand Herald and radio stations such as ZM and Newstalk ZB, managed to cut costs to compensate for falling advertising revenues. The NZX-listed company reported a 74 per cent rise in its net profit, which totalled $75 million for the year to December 31. However, that was boosted by one-off gains relating to its demerger from its former Australian owner APN News & Media. Operating revenues from ordinary activities fell 5 per cent to $408m, while the company cut its costs by 6 per cent. Print advertising revenues slumped 10 per cent to $133m, while revenues from digital products and e-commerce rose 24 per cent to $38m.
Trump briefs CEOs on jobs
US President Donald Trump has told about two dozen chief executives of major US companies that he plans to bring many millions of jobs back to the United States. Trump also touched on his plan to deport illegal immigrants to Mexico, Reuters reported. Participants in the meeting, held on Thursday (local time), included CEOs from General Electric, Lockheed Martin, Dow Chemical, International Paper, Ford, 3M, Caterpillar and Johnson & Johnson, among others. Trump is expected to roll out a series of proposals that could have big ramifications for companies, including a plan to overhaul the tax code that he has promised within weeks.