Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Rangatira 1H profit falls 39%, cites Contract Resources

Rangatira first-half profit falls 39% on ‘lumpy’ contract work at Contract Resources

Nov. 28 (BusinessDesk) - Rangatira, the Wellington-based investor that is adding the Rainbow’s End theme park to its portfolio, reported a 39 percent decline in first-half earnings, reflecting the ‘lumpy’ timing of work at its half-owned Contract Resources.

Profit fell to $3 million in the six months ended Sept. 30, from $4.4 million a year earlier, the company said in a statement. It kept the interim dividend payment unchanged at 18 cents a share

The company said full-year operating earnings would rise between 10 percent and 20 percent.

“The slower first half largely reflected phasing of project work in one of our major investments, Contract Resources,” said chairman Murray Gough.

Contract Resources is a specialised engineering maintenance and industrial cleaning company for refineries, petrochemical plants and mining processing plants and counts Caltex, Shell, Exxon Mobil and NZ Refining Co among its customers. Its returns tend to jump around depending on the timing of work, Gough said.

Rangatira has more than $150 million of assets in its portfolio and some $20 million of funds earmarked for further investments. Last week its bid of $10 million for a cornerstone 74.86 percent stake in NZ Experience, owner of Rainbow’s End, was accepted.

Other recent investments include a 15 percent stake in Konnect Net, which provides business process management systems for the insurance and health industries, and increased its holding in insurer Partners Life to about 9 percent. Other holdings include 50 percent of smallgoods manufacturer Hellers and 100 percent of Auckland Packaging Co.

“It is our intention to make additional unlisted New Zealand investments and we are actively looking to invest in up to two mid-sized companies that have good growth opportunities and require additional capital to take them to the next stage,” said chief executive Ian Frame.

Rangatira has two classes of shares that trade on the Unlisted platform, with 67 percent held as class ‘A’ shares and 33 percent held in class ‘B’ shares to differentiate between charitable and non-charitable shareholders. Both last traded at $6.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news