Pyne Gould says FY profit to be about $30 mln after asset sales

Wed, 12 Jun 2013

June 13 (BusinessDesk) - Pyne Gould, the asset management firm controlled by George Kerr, says it will return to profit this year on gains from assets sales after an impairment-driven loss in 2012. Profit will be about $30 million in the year ending June 30, from a loss of $47.7 million a year earlier, the Auckland-based company said in a statement. The profit gain will lift the company’s book value by 31 percent to about $127m, Kerr said I the statement. He had previously forecast profit of $10 million and said the additional $20 million w...

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