Chow Group reports $8 million profit in first annual results on NZX
A listed company headed by millionaire property magnates the Chow brothers has raked in an $8 million profit.
Directors of Chow Group, a listed property group, issued their first annual report, announcing the company had had a "spectacular start".
Chairman John Chow said a maiden profit of $8.05m was a "tremendous start" for the group.
"We are proud of what we have achieved to date and we are working hard to find ways to further increase shareholder value."
* Chow brothers add Stonewood Homes to property empire
* Chow brothers consolidate shares after 'hiccup' with NZX system
* Chow brothers move Auckland property into NZAX-listed shell company RIS Group
* Chow brothers move two properties into NZAX shell company
* Chow brothers buy listed company RIS Group
In November last year, the Chow brothers launched a reverse takeover bid for NZAX-listed cash shell RIS Group.
The brothers, who have made an estimated $75m fortune from brothels, hotels and commercial property deals, manage an 18-strong property portfolio valued at more than $200m, which includes the Mermaid strip club and Capital Market food court in Wellington.
CGL completed the takeover of RIS Group in February.
At acquisition, the asset value of CGL was about $7.6m.
After the company bought the shares in 16 Park Avenue – the owner of residential and accommodation buildings in Auckland, the total assets of the company jumped to $18.66m.
John Chow said the company was working on further opportunities and would announce those as soon as they could.
The majority shareholding in CGL is held by trusts associated with the Chow brothers.
Earlier this year, Clint Webber, John and Michael Chow bought troubled building firm Stonewood Homes through their company Inno Capital.