Hellaby Shares fall on earnings drop

Last updated 05:00 20/02/2013

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Diversified investment company Hellaby Holdings' share price fell almost 5 per cent yesterday after it posted a 20 per cent drop in first-half earnings due to executive pay and acquisition costs.

The firm reported a net profit of $6.2 million for the six months ending December 31, down from $7.8m in the same period a year ago. The firm's shares closed 4.9 per cent lower at $3.10, but have gained 24 per cent over the past 12 months.

The company said the loss was largely attributable to due diligence costs from its conditional agreement to acquire an 85 per cent stake in industrial services group Contract Resources.

A dividend of 5 cents per share was declared, on par with last year.

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- BusinessDay.co.nz

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