business

Its net profit for the 12 months to June 30 of $42.2 million, up from $3.

Vegetable and fruit grower Costa Group has more than doubled its full-year statutory net profit to $57.7 million, thanks to strong earnings growth from its berry and citrus products and a recovery in the tomato market.

Loss-making online sport apparel retailer Surfstitch has fallen into administration due to the impact of several legal battles.The Surfstitch board on Thursday appointed administrator FTI Consulting, as the company said those matters had brought high levels of uncertainty and material costs.

A South Korean court has sentenced the billionaire Samsung heir Lee Jae-yong to five years in prison after finding him guilty of offering bribes to the country's former president and other crimes.It said Lee was also guilty of embezzlement, hiding assets overseas, concealing profit from criminal acts and perjury.

Energy producer and retailer AGL Energy has agreed to sell its gas assets in north Queensland to a consortium that includes Chinese gas distributor Shandong.AGL did not disclose financial details of the transaction, which includes its 50 per cent stakes the Moranbah Gas Project joint venture, the North Queensland Energy joint venture and AGL's participation rights in the ATP1103 exploration licence for the Bowen Basin.

Medibank Private has lifted its full-year profit 7.5 million, helped by returns from investment income and a lift in health insurance premium revenue.

Infant formula maker Bellamy's Australia has dropped to an $809,000 annual loss for a year marred by Chinese regulatory problems, an investor uprising against its board and the launch of a class action by angry shareholders.The Tasmania-based company slipped back from last year's restated $38 million profit after undertaking a transformation that included a capital raising to buy a cannery and a $27.

New Zealand King Salmon Investments, the world's largest aquaculture producer of king salmon, beat its forecast for annual earnings as demand for its premium product exceeded supply, underpinning values.Sales of its branded ultra-premium salmon, Ora King, jumped 27 per cent in the latest year and is now on the menu of more than 850 restaurants globally.

Food chain company Restaurant Brands New Zealand has extended its KFC footprint across the Tasman, buying 10 stores for A$27.Restaurants International lifts Restaurant Brands' total number of stores in the state of New South Wales to 57.

RACQ and Suncorp have urged the Queensland government to reform the state's Compulsory Third Party insurance in a bid to crack down on 'rampant rorting'.The two companies are pushing for change following a surge in exaggerated and suspicious claims for minor injuries like whiplash.

Reforms put in place after the 2007 to 2009 crisis have strengthened the financial system without impeding economic growth, and any future changes should remain modest, Federal Reserve chair Janet Yellen says.Steps may be needed, she agreed, to improve liquidity in parts of the bond market, though that system remained 'robust'.

Former Volkswagen engineer James Liang has been sentenced to 40 months in prison for his role in the company's multiyear scheme to sell diesel cars that generated more pollution than US clean air rules allowed.It agreed to spend as much as $US25 billion in the US to resolve claims from owners and regulators and offered to buy back about 500,000 vehicles.

Shares in RCG Capital have jumped almost seven per cent after the shoe retailer unveiled an underlying profit of $39.However, the group's $29.

The federal government will inject $50 million into the Australian wine industry to boost exports and attract more international visitors to wine producing regions.The export and regional wine support package will provide money for marketing campaigns in the US and China in a bid to increase wine exports to $3.
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