Jetconnect Payments to Qantas Tidying Up

THE PRESS, Christchurch Wednesday, January 8, 2014 BUSINESSDAY A13 Organised Jetconnect crime a boon for payments Wynyard Wynyard Group’s managing director said the developer’s latest crime-fighting software deal in a ‘‘hot-spot’’ region is an encourag- to Qantas ing trend for the business, and the sharemarket echoed his enthusi- asm. Wynyard shares gained 16 per cent on the New Zealand Stock Exchange to an all-time high of tidying up $1.38 yesterday morning after it announced a contract for its anti- Matt O’Sullivan land operations show its operating money laundering software sub- ● ●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●● ● expenses rose 3 per cent to $293m scription with the Gulf Cooper- Qantas received one-off payments for the year to June despite staff ation Council (GCC) Exchange, a totalling $156 million from its New costs falling slightly. The airline growing money exchange based in Zealand offshoot last year in what said the increase in expenses the United Arab Emirates (UAE). the airline says was an effort to reflected its efforts to reshape its The shares closed for the day at tidy up the way it accounts for the operations as part of its long-term $1.33. subsidiary. ’’transformation plan’’. New and old: Half of the 50-metre chimney to be installed at the Studholme dairy factory.At right: The existing chimney which will soon be dismantled. Wynyard’s managing director, Annual accounts filed in New Virgin has 10 Boeing 737-800 air- Photo: MYTCHALL BRANSGROVE/ FAIRFAX NZ Craig Richardson, said the deal, Zealand for Jetconnect, which craft and a 500-strong workforce in the company’s 20th in the GCC operates trans-Tasman flights for New Zealand. region, was fuelled by the region’s Qantas, show it returned $98m in Virgin and Qantas do not break severe security challenges. capital in March last year to the out the performance of their New ‘‘It’s the perfect set for our Australian airline group, as well Zealand subsidiaries when they Out with the old and in with the new products and services,’’ he said. as paying it a dividend of $58m. It report their group results every ‘‘It’s a region that has serious reduced Jetconnect’s retained six months. A lower wages bill is Jacquie Webby two boilers to cool down. should take about four days, and organised crimes like fraud, ●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●● ● earnings to less than $4m. the main benefit for the airlines of The existing ‘‘The existing chimney will be according to Mr Maitland, and the money laundering, drug and It was the first time Jetconnect basing their trans-Tasman flying Milk tankers that usually drop chimney will taken down in pieces using two erection of the new structure human trafficking and terrorist has paid dividends to its parent operations in New Zealand. their loads at Fonterra’s cranes from Christchurch. The about the same time. financing, so there is a demand for since November 2010. Qantas has long maintained Studholme factory near Waimate be taken down in new chimney, which has been ‘‘It all depends on the weather,’’ our security analytics products. Qantas emphasised the capital that the accounts do not represent in South Canterbury are in for a pieces using two built by Parr and Co in Timaru, he said. ‘‘Two cranes from Christ- ‘‘But also it’s a growing shift was an internal transaction the true performance of longer trip – at least for the next will then be erected on the same church, one of 250 tonnes and the financial centre so there is further that did not affect its financial pos- Jetconnect, which crews and few days. cranes from site.’’ second of 50 tonnes, will work at demand for our finance security ition. It said the transaction was operates Qantas-branded aircraft Studholme site engineering Parr and Co general manager the site, and once the new struc- products.’’ done to ’’streamline the way we on trans-Tasman flights on behalf spokesperson Alan Maitland said Christchurch. Ben Smith said work on the all- ture is in place, we will fire up the He said the GCC accounted for account for Jetconnect’’. The air- of the parent. Instead, they reflect the diversion follows the shutdown Alan Maitland, steel chimney has taken about 10 boilers again.’’ only 5 per cent of revenues cur- line said it was unrelated to the the costs Jetconnect charges back of the site’s two boilers on Sunday Studholme site engineering spokesperson weeks. Mr Maitland said the boilers at rently, but was poised for future refinancing of loans in April last to the Qantas Group, plus an oper- and the planned replacement of ‘‘It’s a sizeable stack but not the Studholme operate on a 24/7 sched- growth. year, which occurred just weeks ating margin. the 50-metre boiler exhaust chim- The tankers began being biggest we’ve done,’’ he said. ule: one in use and the other on Richardson said Wynyard after the capital was moved across The subsidiary has made ney. diverted on Sunday to allow the Taking down the old chimney standby. Group would help GCC meet the Tasman to the group’s balance contingencies in its accounts for tougher regulations to better moni- sheet. potential penalties by the New Zea- tor cashflows through the UAE The trans-Tasman market has land Inland Revenue Department financial system. become a two-way fight between which has been investigating a GCC general manager Mukesh Qantas-Emirates and Virgin and number of Australian companies Pokeno dairy export plant on schedule Himatlal said the partnership with its largest shareholder, Air New for several years. The Inland Rev- Wynyard guaranteed GCC the top Zealand. Between them, the two enue claims the companies used tools in the industry to protect its airline alliance groups carry about optional convertible notes to Construction is well under way on store facility, Norwood said. ‘‘The The plant is estimated to gener- about 120 people and produce business and customers from 97 per cent of passenger traffic obtain tax deductions when there the Chinese-developed Yashili foundations are down for the dry- ate $72 million a year for Waikato’s 52,000 tonnes of infant formula a financial crime. between Australia and New Zea- was no expense. dairy plant at Pokeno, south of ing tower and some of the panel economy and $191m for the year. Wynyard employs 120 people land. In Qantas’ case, the deductions Auckland. work erection has begun,’’ he said. country. Meanwhile, Fonterra’s $126m and is a global offshoot of Jade Jetconnect reported a $8.8m were used to fund its interest in The $220 million project was on The plant will feature a range of Hiring staff to operate the plant upgrade at its Waitoa plant, east of Software, which listed on the NZX profit for the year to June, com- Air New Zealand. schedule and progressing well, process buildings, offices, ware- should begin in the fourth quarter Morrinsville, is on target to be in July last year. pared with $10.6m in 2011-12. Jetconnect operates 95 per cent Yashili operations manager Terry houses, service structures and a of this year with the first products operational in March. Thirty-eight Some of its first major crime Jetconnect’s labour bill dropped by of Qantas’ flights between Aust- Norwood said. 41-metre tall dryer tower. This will due to roll out for export to China new staff have already started analytic software projects were for $2m to $37m. ralia and New Zealand, employing Building crews were currently cover 30,000 square metres of the at the end of February 2015. working at the plant. Another 15 the Australian federal and New Accounts for Virgin’s New Zea- about 570 staff. in the process of constructing the 67,100sqm site. The plant will provide jobs for are due to start next month. Zealand police forces. Fairfax NZ Make it a year to remember Travel the world with our limited-time fares. Book by 14 January 2014 for great fares, inclusive of taxes, to selected destinations. Limited availability, so book now. 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