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Kāinga Ora could lose $30m on Ferncliffe u-turn, developers say
Brent Melville
Thu, 26 Feb 2026
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Wed 25 Feb 2026 08:38:56pm
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Wed 25 Feb 2026 08:38:56pm
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Precinct in ‘negotiation’ for sale of PwC Tower
Listed developer Precinct Properties says it's in "exclusive negotiation" with a global institutional investor on a joint venture to acquire PwC Tower. The 39-storey tower, the office component of Auckland's $1 billion Commercial Bay, is home to about 20 major office tenants. Announcing its half-year results to December, it said it had settled the purchase of Wellington's Amora hotel, and had also sold the Intercontinental Hotel at One Queen and 22 Stanley Street student accommodation site after its balance date. It had also settled the purchase of Auckland's Downtown car Park, while committing to the $205 million purchase of the ASB North Wharf building from Kiwi Property. Chief executive Scott Pritchard said the company's office portfolio had delivered funds from operations (FFO) growth of 3% on a like-for-like basis, adjusting for occupancy movements and one-off income. Commercial Bay retail had also seen a 2.5% increase in FFO. Its build-to-sell pipeline was at $1.5b, it said.
Discovery acquisition boosts Sky TV’s interim results
Several one-off items have helped to boost Sky TV's bottom line for its first half. The company posted a net profit of $52.4m for the six months ended December, compared with a $1.7m loss in the same period a year ago. The result was largely due to a $34.4m gain in the value of its Discovery NZ acquisition, as well as compensation from its satellite migration. The company’s underlying profit rose to $19.3m over the period from $10.9m in the prior period. Revenue was up 8% to $415.4m, although this included contributions from the Discovery acquisition. Chief executive Sophie Moloney said the first half marked an important step forward for Sky, and the acquisition of Discovery had significantly broadened its share of the linear TV advertising market. The board declared an interim dividend of 15 cents per share. The company expects full-year revenue of between $820m and $835m, ebitda between $145m and $160m, and capex of between $62m and $68m.
Kiwibank profit up 12% to $103m in six months to December
Kiwibank’s half-year profit has risen off the back of lower interest rates and competitive switching from Australian-owned banks. The New Zealand bank said today that its net profit rose 12% to $103 million in the six months ended December, compared with the previous period. Overall, lending of $1.8 billion during the period increased total lending to $37.6b. It said retail home lending grew 1.6 times faster than the market, increasing $1.3b. Business lending also expanded to $8.7b, while customer deposits rose $1.4b to $31.8b. Notably, the net interest margin fell from 2.29% to 2.18% because of competition and the increased cost of funding. Chief executive Steve Jurkovich said Kiwibank remained “well positioned” heading into the rest of the financial year as the economy improved in a steady interest rate environment. However, he also noted global uncertainty and ongoing cautious household spending as headwinds.
Scales reports strong annual growth
Revenue for Scales Corporation increased 54% to $899.9 million for the 12 months through to December 31, up from $584.6m year on year. Meanwhile, reported net profit after tax for the diversified agribusiness was up 137% to $117.7m from $49.6m. Scales chair Mike Peterson described the 2025 financial year as 'outstanding'. Underlying earnings before interest, tax, depreciation, and amortisation (ebitda) for the global proteins division totalled $73.9m, up 33% from $55.4m year on year. Meanwhile, underlying ebitda for the horticulture business rose 73% to $65.2m from $37.7m. Scales' logistics division delivered a record underlying ebitda of $7.6m, up 10% from last year's $6.9m. The company reaffirmed guidance for the 2026 financial year.
Ebos delivers half-year result in line with expectations
Dual-listed healthcare and animalcare company Ebos has reported a 13% increase in revenue to A$6.7 billion ($7.92b) in its half-year result, in line with market and analysts’ expectations, while reaffirming full-year guidance. The company’s share price has plummeted 37% in the past year after a disappointing 2025 result, where earnings were about 4% lower than expected. Underlying ebitda of A$303m was also consistent with guidance, after the commissioning of strategic investments, while net profit after tax was A$15m up on the FY25 first-half at A$125m. Animal Care’s ebitda lifted 15% to A$68m, driven by good performance among its key brands and the acquisition last year of Kiwi pet medicine supplier SVS. Healthcare ebitda grew 1.3% to A$254m with strong competition in community pharmacy. The company expects full-year underlying ebidta in the range of A$615m to A$635m, underpinned by efficiencies in healthcare from its major distribution centre renewal programme.
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Wed 25 Feb 2026 08:38:59pm
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