Asset sales boost PGC profit

23:57, Aug 14 2013

Pyne Gould Corporation has flagged a $30 million profit for the June year, boosted by asset sales.

The Canterbury investment firm has sold most of its businesses to focus on the Torchlight asset management business.

PGC managing director George Kerr said the company had indicated previously net profit after tax would be more than $10m for the June 2013 year, due to the performance of Torchlight.

The additional $20m was mainly from gains from selling non-core businesses. 

During the first half of the year, PGC sold its stake in new bank Heartland New Zealand and PGG Wrightson.

In the second half it sold its wealth management business Perpetual Group, the research firm van Eyk, and agreed to end the property management contract PGC's subsidiary Real Estate Credit had with Heartland. 

It is waiting for Overseas Investment office approval for the sale of Perpetual Trust

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