Rangatira full-year operating earnings rise 23%, raises dividend
Earnings rose to $11.5 million in the year ended March 31.
Rangatira, the diversified investor whose shares trade on the Unlisted platform, posted a 23% gain in full-year operating earnings and raised its final dividend.
Earnings rose to $11.5 million in the year ended March 31, from $9.2 million a year earlier, the Wellington-based company said in a statement. Net profit jumped to $50.2 million from $13.7 million and included a $36.3 million gain from the revaluation of its stake in smallgoods maker Hellers, which has been consolidated as a subsidiary.
"Our return was driven by improved performance in a number of our portfolio companies, the additional purchase of a further 12.5% shareholding in Hellers, taking our share to 62.5%, and a rebalancing of our New Zealand public portfolio," chairman David Pilkington said.
The company didn't provide details of returns on investments, which include Tuatara Brewery, the Rainbow's End theme park, a 70% holding in Bio-Strategy, a scientific instrument distributor, and 8% of Partners Life, a life, health, and trauma insurer. Rangatira said US private equity manager Blackstone is to co-invest in Partners Life.
Rangatira declared a final, fully imputed dividend of 31c , making a total of 51c for the year, up from 47c a year earlier.
(BusinessDesk)
Staff Reporter
Wed, 08 Jun 2016
Wed, 08 Jun 2016
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Rangatira full-year operating earnings rise 23%, raises dividend
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