Viking sails into profit

By Nick Stride

Friday 21st July 2000

Viking Pacific, the "good" company formed from the functioning remnants of the former Skellerup Group, expects to show a profit of more than $10 million this year.

The result represents a major turnaround on last year for the grab-bag collection of different companies.

Viking this week reported a $5.2 million gain for the December 1999 first half and said the result for the second half was expected to be similar.

As the second half finished three weeks ago the forecast is likely to prove accurate.

In the last full year Viking lost $2.9 million.

The group, which has $227 million of assets, includes well-known companies such as Skellerup Industries, Projex equipment hire, Masport, Paykel Ltd and Harding Electronic Systems.

Shareholders' funds rose from $60 million to $76 million and term debt fell from $122 million to $90 million after a rights issue raised $30 million.

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