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- Release Date: 03/03/14 10:30
- Summary: HALFYR: PGC: PGC Half Year Results - 1 July 2013 to 31 December 2013
- Price Sensitive: No
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PGC
03/03/2014 08:30
HALFYR
REL: 0830 HRS Pyne Gould Corporation Limited
HALFYR: PGC: PGC Half Year Results - 1 July 2013 to 31 December 2013
28 February 2014
PGC Half Year Results - 1 July 2013 to 31 December 2013
Pyne Gould Corporation ("PGC") made an unaudited after tax loss from
continuing operations of $6.626 million for the half year to 31 December 2013
compared with a profit of $1.907m for the same period last year.
PGC expects to report a full year profit for the 12 months to 30 June 2014.
Profit and Loss
PGC's core business of Torchlight achieved a $2.2m cash profit over the half
(compared with $1.65m in the same period last year).
This was offset by PGC legal and consulting costs ($3.2m - up from $1.8m last
year) and non-cash charges ($6.02m - compared with a non cash surplus of
$2.46m last year). The non-cash charges were foreign exchange translation of
$2.613m and equity accounting its share of accounting losses from its 27%
share holding in Equity Partners Infrastructure Company No.1 Limited
($2.275m).
Balance Sheet
PGC continued to execute its stated strategy of divesting non-core assets and
focusing on growing its Torchlight business.
PGC ended the period with net current assets of $12m and non-current assets
of $113m. PGC has no short or long term bank debt.
The company's net tangible assets per share value was 58 cents at 31 December
2013, compared with 40 cents at 31 December 2012.
Over the period, PGC spent $3.087m buying back shares and reduced its shares
on issue from around 216.6m shares to around 209.8m shares.
Certain key events occurred outside this reporting period. Principally, and
as announced to the market, the settlement of the sale of Perpetual Trust and
the settlement of the sale of the final holding in van Eyk occurred in
January and February 2014 respectively.
George Kerr
Managing Director
End CA:00247701 For:PGC Type:HALFYR Time:2014-03-03 08:30:12
