Rangatira 1H profit soars on asset sales, warns on annual operating earnings

Sun, 01 Dec 2013

By Paul McBeth Dec. 2 (BusinessDesk) - Rangatira, which bought a cornerstone stake in beer company Tuatara Brewing this year, reported a tenfold surge in first-half profit after selling its stake in engineering service firm Contract Resources and its direct holding in accounting software developer Xero. Net profit jumped to $30.8 million in the six months ended Sept. 30 from $3 million a year earlier, the Wellington-based investment firm said in a statement. Of that, it reaped $29.7 million from asset sales. Operating earnings slumped 45 pe...

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