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- Release Date: 13/06/13 11:39
- Summary: FORECAST: PGC: PGC full year NPAT update
- Price Sensitive: No
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PGC
13/06/2013 09:39
FORECAST
REL: 0939 HRS Pyne Gould Corporation Limited
FORECAST: PGC: PGC full year NPAT update
NZX ANNOUNCEMENT - FOR IMMEDIATE RELEASE
12 June 2013
PGC full year NPAT update
Pyne Gould Corporation ("PGC") announced today that it expects to achieve net
profit after tax (NPAT) of approximately NZ$30 million for the year to 30
June 2013.
This will see a lift in PGC's book value by 31% over the year to
approximately NZ$127m, PGC Managing Director George Kerr said.
PGC had previously indicated NPAT would be in excess of NZ$10m to the year
ending 30 June 2013, attributable to the strong performance of Torchlight.
The additional NZ$20m is predominantly from realised gains from non-core
asset sales and after accounting for a significant increase in regulatory
compliance costs such as legal, audit and accounting.
Over the first half of the year, PGC sold its stakes in Heartland New Zealand
and PGG Wrightsons. In the second half it has sold Perpetual Group, van Eyk ,
agreed to terminate Real Estate Credit Limited's management contract with
Heartland New Zealand and is awaiting FMA and OIO approval for the sale of
Perpetual Trust.
For media enquiry contact David Lewis +64-21-976 119
End CA:00237340 For:PGC Type:FORECAST Time:2013-06-13 09:39:42
