NEW ZEALAND: Arthur Barnett Records Net Profit Rise
The New Zealand department store chain Arthur Barnett Ltd has reported a half year net profit increase of 35 per cent to NZ$591,000 compared to the same period last year. Although the company has recorded higher profits it has said that it will not be paying out interim dividends until its debts have been significantly reduced. The company currently has long term debts of NZ$36m and short term borrowings of NZ$6.2m.