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New Zealand companies detail impact of earthquake

Fuseworks Media
Fuseworks Media

Wellington, Sept 6 NZPA - A number of listed companies today formally advised investors of the impact of Saturday's earthquake on their businesses in notices to the stock exchange:

Lyttelton Port of Christchurch said it is fully operational following an assessment by structural engineers. The port has sustained significant damage and the cost of repairs will be tens of millions of dollars. The container terminal resumed operation on Sunday and there have been limited effects on forecasted shipping movements.

Pike River Coal said its second export shipment of about 20,000 tonnes of premium hard coking coal worth around $6 million would depart Port of Lyttelton later today for India one day later than planned.

There was no impact on underground mine workings or surface facilities at the company's mine on the West Coast of the South Island. All mine site surface buildings and access roads, bridges and embankments have been checked and show no signs of damage.

"Miners working underground at the time of the earthquake were unaware of the event and felt no effects," the company said.

Goodman Fielder, one of New Zealand's major food companies, said its production assets in the Christchurch region received only minimal damage and no employees were injured. The company's milk plant and bakery in Christchurch are continuing to function normally. Its flour mill received some limited damage which is being repaired. The financial impact on the company is anticipated to be minimal. Fresh milk and bread will continue to be available in New Zealand's South Island, although a limited range of products may be available for a few days.

The Warehouse Group's eight Christchurch stores, its South Island distribution centre and four Warehouse Stationery stores were closed on Saturday for inspection. All Warehouse and Warehouse Stationery stores will be trading today. The South Island distribution centre has not experienced any significant damage and will resume normal operation during the week.

"The Warehouse Group appreciates the team spirit of those in the affected area who, despite difficult circumstances, have worked hard to ensure that stores have been able to recommence trading for our customers as soon as possible," the company said.

Kiwi Income Property Trust said that its Northlands Shopping Centre and the PricewaterhouseCoopers Centre office building suffered minor damage. At Northlands the PAK'nSAVE and Countdown supermarkets traded throughout the weekend following the restoration of electrical power around midday on Saturday. Mall areas will open today following the completion of limited repairs required to fire sprinkler systems over the weekend.

Only six retailers from a total of 135 will be unable to trade today. The Hoyts Cinema multiplex is expected to remain closed until further notice pending replacement of damaged projection equipment and screens.

Civil Defence access restrictions are affecting the PricewaterhouseCoopers Centre office building but it will be business as usual when the restrictions are lifted.

Goodman Property Trust said preliminary assessment of Glassworks Industry Park in Hornby, Show Place Office Park in Addington and Southpark Industrial Estate in Middleton has revealed no significant damage and these facilities remain operational.

Skellerup Holdings has two factories and a separate warehouse in Christchurch all located in Woolston, employing 200 staff, some of whom were working when the earthquake struck.

"It is incredible that not only have there been no injuries to staff, it appears that there is little or no significant damage to buildings or machinery," said acting chief executive David Mair.

Tower expects that insurance claims arising from the Christchurch earthquake will cost the company $5 million before tax. While the total of possible claims is not yet known, re-insurance arrangements will cap the losses at $3.5 million after tax.

Fletcher Building said all of its businesses in the region have escaped without significant damage or injury to employees. All businesses are expected to be fully operational in the next few days.

Kathmandu Holdings said that as of this morning its central city and Riccarton stores remain closed. Its group head office and distribution centre in Christchurch escaped significant damage and are operating.

OceanaGold Corp said its three mines in the South Island are operating as planned and are unaffected by the earthquake.

The National Property Trust said its Eastgate Shopping Centre, Torrens House and Print Place properties appear to have sustained only minor damage.

DNZ Property Fund said damage is limited at its 62 Columbia Avenue property and a property at 7 Winston Avenue in Papanui has suffered some damage.

Millennium & Copthorne Hotels said its Copthorne Hotel in Durham Street has been issued with a restricted use notice from the council and is closed to guests until further notice. Guests are being relocated to the Copthorne Hotel Christchurch Central, which along with the Millennium Hotel have passed council inspections. Copthorne Hotel Christchurch Central is operating as normal. Millennium Hotel Christchurch is open but is within the cordoned area of the central business district and access may be restricted. Franchise partner the Copthorne Hotel Commodore Christchurch Airport is open and operating normally.

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