RBNZ Extends Mortgage Deferral Scheme | NZ Market Update

The Reserve Bank of New Zealand has announced an extension of its regulatory guidance for mortgage deferrals. The extension of the guidance would be effective after the expiration of the existing guidance on 27 September and would further be applicable until 31 March 2021, at which point the usual treatment of loans would resume. Additionally, Banks would still be able to render deferrals to borrowers after this date, but without the similar concessionary regulatory treatment. Notably, the updated guidance applies to borrowers endeavoring an extension to a current loan deferral as well as to new applicants for deferrals.

As there has been an unprecedented level of demand for Fisher & Paykel Healthcare Corporation Limited (NZX:FPH) products due to COVID-19, the company has updated its FY21 guidance. Earlier the company anticipated full-year operating revenue to be $1.48 billion, and net profit after tax at $325 million to $340 million. Now, at current exchange rates, the company expects to report full year operating revenue of about $1.61 billion and net profit after tax would be approximately $365 million to $385 million.

For the full year ended 30 June 2020, PGG Wrightson Limited (NZX:PGW) reported operating EBITDA of $45.2 million, which includes the impact of the new accounting lease standard that led to an increase of Operating EBITDA of $21.7 million. After excluding this impact, the company reported operating EBITDA of $23.4 million, within the guidance range. The second half was impacted by the global pandemic and consequential operational disruption, which led to net profit after tax of $7.8 million.

#NewZealand #RBNZ #PGW #Kalkine

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