Waste Management collects landfill profits

Waste Management is expected to deliver another healthy profit increase when it reveals its half-year result this morning.

The rubbish collection and landfill company has not given any indication of its likely net profit but an analyst's forecast puts it at $15.2 million, up $2.5 million from the first half of last year.

The result will follow February's strong full-year result, which saw net profit rise 38 per cent on the previous year to $25.6 million as the company reaped the benefits of a booming construction sector, rising landfill prices and a strong home market position.

There have been no indications the growth has slowed since.

Chairman Jim Syme told shareholders at the company's annual meeting in April that business might slow in the second half but all divisions were performing well. 
 
The benefits of its newest landfill in Adelaide, which has been operating for seven months, were also expected to contribute to growth this half.

Chief executive Kim Ellis has said Australian operations were on track to contribute 25 per cent of operating profit by the end of next year.

Courier firm Freightways also opens its books today for its full-year result, and tourism operator Tourism Holdings will do the same tomorrow.

The $3.4 billion listed building materials manufacturer and distributor Fletcher Building is expected to deliver another top result when it unveils its performance for the June year on Wednesday.

Operating earnings of $560 million to $580 million are forecast. Its shares have risen to $7.29.

Despite the slowing residential market, the company has given clear signals it is continuing to trade well here and in Australia. Non-residential and infrastructure work has taken up the slack left by a downturn in residential business.

Fletcher Construction has a $700 million-plus forward order book, almost double its workload last year.

www.fletcherbuilding.co.nz