Wednesday 8th June 2016 |
Text too small? |
Rangatira, the diversified investor whose shares trade on the Unlisted platform, posted a 23 percent gain in full-year operating earnings and raised its final dividend.
Earnings rose to $11.5 million in the year ended March31, from $9.2 million a year earlier, the Wellington-based company said in a statement. Net profit jumped to $50.2 million from $13.7 million and included a $36.3 million gain from the revaluation of its stake in smallgoods maker Hellers, which has been consolidated as a subsidiary.
"Our return was driven by improved performance in a number of our portfolio companies, the additional purchase of a further 12.5 percent shareholding in Hellers, taking our share to 62.5 percent, and a rebalancing of our New Zealand public portfolio,” said chairman David Pilkington.
The company didn't provide details of returns on investments, which include Tuatara Brewery, the Rainbow's End theme park, a 70 percent holding in Bio-Strategy, a scientific instrument distributor, and 8 percent of Partners Life, a life, health, and trauma insurer. Rangatira said US private equity manager Blackstone is to co-invest in Partners Life.
Rangatira declared a final, fully imputed dividend of 31 cents, making a total of 51 cents for the year, up from 47 cents a year earlier.
BusinessDesk.co.nz
No comments yet
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director