Sky City, as reported in the New Zealand Herald made a surprising announcement that it has delivered $11m in savings. Just six weeks after announcing it was embarking on a cost cutting exercise.
I read about this yesterday (no link) and was surprised that they could expect anybody to believe that it was possible.
Turns out it was not true. The the acting CEO Elmar Toime has explained all. He cut his managers budgets. Quote "brought forward future savings and removed some speculative savings".
Elmar: News Flash! Bringing forward future savings is speculative.
Tuesday, August 28, 2007
Poor old Contact Energy has had a 15% drop in profit according to the Dompost. Electricity prices down, gas and transmission costs rising...
David Baldwin (CEO) said it was a "a pleasing annual result...a good result for the company's shareholders". Optimistic guy! So good they have paid 17cps dividend. Dividends for the full financial year are up 1c.
That might be good for shareholders, imagine if they had made a small profit. Would that have been a great year? Is describing a 15% loss as a good result cruel and unusual punishment of the English language?
It still managed
David Baldwin (CEO) said it was a "a pleasing annual result...a good result for the company's shareholders". Optimistic guy! So good they have paid 17cps dividend. Dividends for the full financial year are up 1c.
That might be good for shareholders, imagine if they had made a small profit. Would that have been a great year? Is describing a 15% loss as a good result cruel and unusual punishment of the English language?
It still managed
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