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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news