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

 


Pyne Gould says full-year profit fell to $20 mln

Pyne Gould says full-year profit fell to $20 mln, reflecting year-earlier gains

By Jonathan Underhill

Aug. 19 (BusinessDesk) - Pyne Gould Corp, the Guernsey-based asset management firm controlled by George Kerr, said full-year profit was less than half its result in 2013, when it took one-time gains from the sale of assets.

Profit was about $20 million in the year ended June 30, from $44.4 million a year earlier, the company said in a statement. Pyne Gould "experienced positive contributions from both operating profits and asset sales," it said, without being specific.

Profit in 2013 included a $25 million gain from the sale of its Perpetual financial services and trustee units and stake in Australian research house van Eyk, and a payment by Heartland New Zealand.

The company said net tangible assets per share rose to 75 cents from 64 cents in the latest year.

Shares of Pyne Gould last traded at 35 cents and have declined 27 percent this year. Kerr paid 37 cents a share to take control of the company in 2012.

The company will release its detailed financial results on Aug. 29.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news