Rural Equities returns to profit, buys back shares from overseas investor
Aug. 8 (BusinessDesk) - Rural Equities Ltd., the farming group controlled by Selwyn Cushing’s H&G Ltd., returned to profit in its latest year, ending a run of losses.
Net profit was about $2.8 million in the year ended June 30, from a loss of $4.5 million a year earlier, according to a statement on the Unlisted platform, where its stock trades.
The farm investor gave no details of its results. It plans to release its latest results in full by Aug. 31, it said. A revaluation of its rural property portfolio had resulted in “no material change” in the carrying value. Net asset value per share was $3.94.
The shares last traded at $3.20 on July 22 on the Unlisted platform, valuing the company at $134.9 million.
Rural Equities also said it has agreed to buy back a parcel of about 2million shares, or 4.8% of its stock, from an overseas investor. The shares would subsequently be cancelled it said. The investor wasn’t identified.