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The market’s most positive mental attitude
Tim Hunter
Fri, 22 May 2026
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EARNINGS
Thu 21 May 2026 09:48:50pm
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Thu 21 May 2026 09:48:50pm
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General Capital reports ‘solid’ result
NZX-listed lender and deposit taker General Capital has reported a net profit of $2.7 million for the year to March, down 3% on the previous year.
The result included an increase in allowance for expected credit losses of $576,394 and a $378,730 impairment of its Investment Research Group advisory unit.
Net revenue grew to $11.6m from $9.9m in 2025.
The company’s loan receivables rose to $242.5m from $151.1m a year earlier, financed by term deposits of $248m, up from $184.7m.
The board declared a fully imputed final dividend of 0.85c a share, up from 0.43c last year.
In a statement to the NZX, the company described its lending result as “solid”.
“The group has continued to grow, despite an uncertain economic environment with continuing economic pressure,” it said.
Asset Plus narrows loss to $3.2m on revaluation
Asset Plus says a lease by law firm software provider Aderant in February has pushed occupancy at its sole property asset to 74.3%.
Albany’s Munroe Lane – anchored by the Auckland Council – generated net rental revenue of $5m for the 12 months to end March, although a downward fair value movement on investment properties of $7.4m saw a loss for the period of $3.2m. That was down on last year’s $5.7m loss.
Manager Centuria NZ said the valuation movement was due to a 25 basis point increase in the capitalisation rate. The property was valued at $105.5m and the write-down factors in expenditure of $2.6m incurred for the Aderant tenancy. Another $2.2m was spent on “speculative” fitouts of vacant space.
Management fees dipped by $340,000 to about $540,000 following the divestment of 35 Graham St, as well as the lower valuation of Munroe Lane. Centuria said it had secured MILK Orthodontics on a 12-year lease for 140 sqm on a ground floor tenancy, to commence in the coming months.
Eroad shifts chief transformation officer to non-exec director
Eroad has appointed Ryan Brosnahan to its board as a non-executive director from June 1.
Since October 2025, Brosnahan has served as Eroad’s chief transformation officer on a part-time basis, working on a restructure of the executive leadership team, the redesign of the regional operating model, and the strategic refocus on the Australia/New Zealand core business.
In a market announcement, the company said his familiarity with Eroad’s “operating reality, execution risks and capability gaps” meant he would be able to “contribute meaningfully at board level from day one”.
Eroad executive chair John Scott said Brosnahan had built an understanding of the business over six months that would typically take years for a director to develop.
“He is technically strong, commercially sharp, and brings deep experience in automation and high-efficiency, customer-first operating models.”
Brosnahan will not be considered an independent director due to his recent employment at the company.
Oceania Healthcare’s strategic reset already delivers benefits
NZX-listed retirement village provider Oceania Healthcare has delivered a record underlying result, on the back of tighter cost control and higher earnings from its care and village operations.
The company reported a net profit of just $119,000 for the 12 months ended March, down from $30.4m in the prior year, although this was due to a comparatively smaller gain in the value of its property portfolio.
Accounting for this, the company’s underlying ebitda was up 20% on the prior year to $97.7m.
The company delivered a further $13.2m in cost savings and realised $51.1m from divestments, which helped cut net debt by $121.4m to $506.7m.
Oceania sold a total of 603 units over the year, up from 520.
Chief executive Suzanne Dvorak said Oceania’s strategic reset has already delivered tangible operational and financial benefits.
Looking ahead, Oceania expects to find a further $10m in cost savings and sell down its unsold and bought-back stock.
Dividends remain on ice until FY27.
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Thu 21 May 2026 09:39:46pm
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