NEW ZEALAND: 42 Below turns loss into profit
42 Below listed on the New Zealand stock exchange on 15 October after it raised NZ$15m in its initial public offering of shares. In a statement, the company said that "debt forgiveness" income of NZ$1.16m resulted from major shareholders agreeing to turn NZ$820,000 of loans into share capital. The remainder will be written off.
Before tax and the one-time gain from the debt forgivness, the company lost NZ$445,000. Sales for the half-year to 30 September were NZ$1.09m, split between the two quarters at NZ$450,000 and NZ$640,000.
The company believes that the third quarter should meet the quarter-on-quarter sales growth of 42%.
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