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Pyne Gould says full-year profit fell to $20m, reflecting year-earlier gains

Pyne Gould Corp [NZX: PGC], the Guernsey-based asset management firm controlled by George Kerr, said full-year profit was less than half its result in 2013, when it took one-time gains from the sale of assets.

Profit was about $20 million in the year ended June 30, from $44.4 million a year earlier, the company said in a statement. Pyne Gould "experienced positive contributions from both operating profits and asset sales," it said, without being specific.

Profit in 2013 included a $25 million gain from the sale of its Perpetual financial services and trustee units and stake in Australian research house van Eyk, and a payment by Heartland New Zealand.

The company said net tangible assets per share rose to 75 cents from 64 cents in the latest year.

Shares of Pyne Gould last traded at 35 cents and have declined 27 percent this year. Kerr paid 37 cents a share to take control of the company in 2012.

The company will release its detailed financial results on Aug. 29.

(BusinessDesk)