Pyne Gould profit up

Pyne Gould has revised its earnings forecast for the financial year, saying net profit was about 5% higher despite increased impairments. The company's shares rose on the news.

Profit was $22 million for the year ending 30 June, up from $20.9 million previously, boosted by a $17 million surge in net operating income, the financial and rural services company said in a statement.

The improvement reflects strong operating performance from its core operating businesses, with solid contributions from Marac vehicle finance, Perpetual Asset Management, Torchlight, an alliance with the New Zealand Automobile Association and the purchase of GMAC NZ's retail motor vehicle finance book.

The company said the results will be offset by higher-than-expected asset impairment expenses of $17.5 million, largely relating to property assets which it is in the process of exiting.

The impairment expenses also included a one-off cost relating to an unauthorised $4.4 million loan earlier in the year.

Pyne Gould shares opened up 4.9% to 43 cents.

Final results for the year will be announced on August 26.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Kerr takeover may give PGC investors bargain-hunting opportunity
Kerr may gain control of Pyne Gould
Pyne Gould's EPIC fund to repay bank loan after Thames Water sale
Kerr's Torchlight eyes Australian real estate fund amid PGC takeover
Pyne Gould no longer a dividend stock, needs capital to grow, Kerr says in takeover offer
Pyne Gould shareholders grumble in directors' election vote
Kerr accelerates Pyne Gould takeover bid; questions hang over Epic contract
Kerr and Baker Street make full takeover offer for Pyne Gould Corp at 33 cents
Pyne Gould faces loss of $141.1 mln on restructure, Torchlight still profitable
Baker Street increases stake in Pyne Gould Corp

Get quotes for Pyne Gould Corporation Limited (PGC)

NZX Annoucements for PGC