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

 


Pyne Gould posts first-half loss

Pyne Gould posts first-half loss on foreign exchange, EPIC charges

March 3 (BusinessDesk) - Pyne Gould Corp., the asset management firm which recently relocated to Guernsey, reported a first-half loss on foreign exchange charges and its share of a loss posted by Equity Partners Infrastructure Co No. 1, though expects to post an annual profit.

The Guernsey-based firm had a loss of $6.63 million in the six months ended Dec. 31, compared to a profit of $1.49 million a year earlier, with a $2.61 million foreign exchange charge and accounting losses of $2.28 million from EPIC, which holds a 17.5 percent share of British motorway operator MOTO and manages the Torchlight partnership.

The Torchlight business, which has targeted distressed assets, made a cash profit of $2.19 million in the half, up from $1.65 million.

“PGC continued to execute its stated strategy of divesting non-core assets and focusing on growing its Torchlight business,” managing director George Kerry said in a statement.

The company has been selling its New Zealand assets, which it expects to complete this year, to focus on its UK and Australian investments, which dominate the firm’s investment portfolio, ahead of a listing on the London Stock Exchange.

At its December annual meeting, chairman Bryan Mogridge told shareholders the company is seeking to deliver compound growth north of 15 percent over the medium to long term, meaning it will deliver “lumpy results” and has a policy of not providing market guidance.

The shares fell 5.5 percent to 43 cents on Friday, and have dropped 10 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news