NZ stocks: Report season in full swing

By DANIEL RIORDAN

Reporting season continues this week, with enough annual meetings to keep shareholders with diversified portfolios swimming in tea and bickies.

Electricity companies and their investors will be taking a keener interest than most in today's debut of a secondary trading market for the increasingly scarce commodity.

Tomorrow, internet learning company E-cademy Holdings has its annual meeting. Australian company MatrixIP's July move to buy 57 per cent of the company was this month approved by the Takeovers Panel but small shareholders, disgruntled at the way the deal was handled, may still have something to say about it all.

Owens Group holds its annual meeting on Wednesday. The transport operator this month announced a new chief executive, UK-based expatriate David Ritchie, who takes up his position in October.

Shareholders will be hoping to hear of continued strong trading conditions since the company's impressive March-year result.

Also on Wednesday, Tourism Holdings reports its annual result. Half-year profit was down 13 per cent and directors have warned that a disappointing performance from its Australian operations will drag down its full year.

One of the market's better performers, Auckland International Airport, reports its annual profit on Thursday, with analysts' average expectations pointing to a 15 per cent increase with second-half growth matching the interim's.

The low kiwi has lifted key tourism numbers, outweighing the loss of about $1 million in landing charges through Qantas NZ's demise.

The airport may also have something more to say about the Commerce Commission's review of airport landing charges, which threatens to strip the company of annual income of between $5 million and $6 million.

On Thursday, Sky Network Television reports its annual "profit" - subscriber growth at the expense of making money is still the order of the day.

There is also a slew of annual meetings: Beauty Direct, Trustpower, Horizon Energy and New Capital Market listings Finzsoft Solutions and Mowbray Collectables.

On Friday, Shotover Jet reports its annual result and Vending Technologies and IT Capital hold annual meetings.

There should be plenty of fireworks at IT Capital's meeting.

The company's annual report, released a few weeks ago, showed chief executive Jeff Dittus was paid $909,000 and former managing director Keith Phillips $474,000 in a year when the company's share price sank 67 per cent and it reported a loss of $5 million.

The report also revealed large payments to other employees, a consultant and a director of one of the company's investments.

Shareholders will want to know more about the demise of Australian investment Streamlink and details of last Friday's announcement that the company is seeking a partnership or merger.

They will also be asked to approve the potential issue of 100 million new shares to raise around $6 million.

Although a decision is not expected before next Monday's cabinet meeting, Air New Zealand's share price could prove jittery as the market listens for signals from the Government on the airline's future.