PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m
Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.
Published 22 April 2026
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Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.
Published 22 April 2026
Read briefingHotels revenue grew 15% but a property cooldown and a near-sixfold capex jump pushed MCK from net cash to NZ$13.9m net debt.
Published 22 April 2026
Read briefingHotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.
Published 22 April 2026
Read briefingA 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.
Published 22 April 2026
Read briefingHotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.
Published 22 April 2026
Read briefingRevenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.
Published 22 April 2026
Read briefingA one-off land sale gain lifted hotel PBT and the dividend resumed, but cash conversion fell from 142.5% to 39.9% of EBITDA.
Published 22 April 2026
Read briefingPre-lease FCF hit an unprecedented $53.9m and net debt swung to net cash, but hotel operations remain near zero and reported NPAT fell 25.8%.
Published 22 April 2026
Read briefingRevenue fell 25.1% and PBT fell 40.4%, but reported NPAT looks resilient because non-hotel segments and an unusually low tax rate carried the result.
Published 22 April 2026
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