Where there's muck, there's money

Kim Ellis

Waste Management is still finding brass in the muck, the company's annual meeting heard in Auckland yesterday.

Chairman Jim Syme told a gathering of 200 at the Ellerslie Convention Centre the rubbish collection and landfill company was heading towards another healthy increase in earnings this year.

"For the first quarter to March 2005, all our divisions have performed well, which we expected, as last year's market conditions and steady business momentum continued," he said.

"Our expectation is that despite some possible slowing of business in the second half of the year, we should have another healthy increase in earnings this year."

The company was gathering steam in Adelaide where its newest landfill had been operating for four months. It was pursuing opportunities that would build on solid bases on either side of the Tasman.

Waste Management's full-year net profits to December rose from $18.5 million to $25.6 million.

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