Rangatira, the Wellington-based investor that is adding the Rainbow's End theme park to its portfolio, reports a 39% decline in first-half earnings, reflecting the 'lumpy' timing of work at its half-owned Contract Resources.
Profit fell to $3 million in the six months ended September 30, from $4.4 million a year earlier, the company says in a statement. It kept the interim dividend payment unchanged at 18 cents a share.
It says full-year operating earnings would rise between 10% and 20%.
"The slower first half largely reflected phasing of project work in one of our major investments, Contract Resources," chairman Murray Gough says.
Contract Resources is a specialised engineering maintenance and industrial cleaning company for refineries, petrochemical plants and mining processing plants and counts Caltex, Shell, Exxon Mobil and NZ Refining Co among its customers.
Its returns tend to jump around, depending on the timing of work, Mr Gough says.
Rangatira has more than $150 million of assets in its portfolio and some $20 million of funds earmarked for further investments. Last week its bid of $10 million for a cornerstone 74.86% stake in NZ Experience, owner of Rainbow's End, was accepted.
Other recent investments include a 15% stake in Konnect Net, which provides business process management systems for the insurance and health industries, and increased its holding in insurer Partners Life to about 9%.
Other holdings include 50% of smallgoods manufacturer Hellers and 100%of Auckland Packaging Co.
"It is our intention to make additional unlisted New Zealand investments and we are actively looking to invest in up to two mid-sized companies that have good growth opportunities and require additional capital to take them to the next stage," chief executive Ian Frame sxays.
Rangatira has two classes of shares that trade on the Unlisted platform, with 67%held as class A shares and 33% held in class B shares to differentiate between charitable and non-charitable shareholders. Both last traded at $6.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Serco's prison report challenge: Hide and Davis go head-to-head
- Tech expert's complaint about 'snake oil' ad upheld
- iPredict closing down due to money laundering risk
- Dunne warns of 'consequences' if Maori Party supports RMA reform
- Xero directors Drury, Winkler and Morgan cash in on 35% share price rally
Most listened to
- “A very ballsy thing to do” – Rodney Hide and Kelvin Davis discuss Serco’s response to Correction’s Mt Eden Prison report
- “The response from shareholders has been overwhelming” — A2 Corporation chief executive Geoff Babidge
- Greg Gent says a board of 13 people is "prehistoric"
- Arvida CEO Bill McDonald on his company's half-year net profit
- Lance Wiggs on the future of food exports
- Auckland Councillor Chris Darby on the Council's alternative funding report
- Nevil Gibson discusses his latest Editor's Insight on oil prices
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories