FINWIRES · TerminalLIVE
FINWIRES

New Zealand Rural Land Board Reaffirms Suspension of Fiscal 2026 Earnings Guidance; Shares Down 3%

By

New Zealand Rural Land's (NZE:NZL) board reaffirmed the suspension of its fiscal 2026 earnings guidance, according to a Wednesday New Zealand bourse filing.

New Zealand Rural Land Investments Limited Partnership was informed by the receiver of Kiwi Crunch Farms, the tenant of its Hawke's Bay properties, that Kiwi Crunch Farms ceased to use, possess, or occupy the properties and that they do not propose to use the properties or exercise any rights in relation to them, effective immediately.

New Zealand Rural Land has a 75% stake in New Zealand Rural Land Investments Limited Partnership. The properties are now under the control of the partnership and it is currently negotiating sale or lease options for each of the affected properties.

As of June 30, Kiwi Crunch Farms owed the partnership rent of NZ$300,000 in total.

New Zealand Rural Land said it continues to assess the implication of both the Kiwi Crunch Farms receivership and the wider appointment of external administrators to other Wade Glass entities.

New Zealand Rural Land's shares fell nearly 3% in recent trading on Wednesday.

Related Articles

Asia

Sinclair Gold Says Drilling Extends Down-Dip Gold Mineralization at Western Australia Deposits; Shares Fall 5%

Sinclair Gold (ASX:SGC) said drilling extended down-dip gold mineralization at the Mt Henry and Selene deposits at the Mt Henry gold project in Western Australia, according to a Wednesday Australian bourse filing.It encountered intercepts of 33.2 meters at 1.6 grams per tonne (g/t) grade of gold from 230.7 meters at Selene and 17 meters at 1.5 g/t grade of gold from 180 meters at Mt Henry, per the filing.Sinclair Gold's shares fell nearly 5% in recent trading on Wednesday.

ASX:SGC
Asia

Fitch Affirms China Cinda Asset Management at A-, Outlook Stable

Fitch Ratings affirmed China Cinda Asset Management's (HKG:1359) long-term issuer default ratings at A- with a stable outlook.The ratings reflect the ratings agency's expectation of extraordinary government support and the company's policy role in managing distressed assets.Fitch said Cinda remains China's largest distressed asset manager by asset size and expects the company to play an increasingly important role in supporting financial stability during the country's economic slowdown.However, it expects earnings to remain under pressure from weaker income growth in the distressed-asset business and elevated credit impairment charges.The ratings agency said China Cinda's diversified earnings, including contributions from its banking subsidiary and other financial businesses, along with adequate capital and liquidity buffers and perceived government backing, should support its credit profile.

HKG:1359
Asia

Fitch Affirms PetroChina's A Rating, With Stable Outlook

Fitch Ratings affirmed PetroChina's (SHA:601857, HKG:0857) long-term issuer default and senior unsecured ratings at A, with a stable outlook.The ratings align with those of parent CNPC under the rating agency's consolidated approach, citing open legal ringfencing and access controls, according to a Tuesday research note.Fitch assesses the Chinese government's responsibility to support CNPC as "very strong" given its full state ownership, energy security role and robust finances.

HKG:0857SHA:601857