Pyne Gould annual profit beats forecast by 48 percent on asset sales, Torchlight returns

Thu, 29 Aug 2013

Aug. 29 (BusinessDesk) - Pyne Gould Corp, the asset management firm controlled by George Kerr, returned to profit this year and beat its June forecast by 48 percent as it reaped $25 million from asset sales and generated bigger returns from its Torchlight unit. The Auckland-based company reported a net profit of $44.4 million, or 20.5 cents per share, in the 12 months ended June 30, from a loss of $47.7 million, or 22 cents, a year earlier, it said in a statement. That beat forecast profit of $30 million, when the agreed to terminate its mana...

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