Guinness Peat Group has posted a half year loss after having to cover a heavy fine on its threadmaking Coats business.
The company lost $70 million in the six months to June. In the same period a year ago it made a $25 million profit.
This year's result includes a $148 million charge against Coats for price-fixing in Europe.
GPG is in the process of selling all assets apart from Coats and returning the proceeds to shareholders.
Chairman Rob Campbell says GPG generated $328 million from selling stakes in assets like Turners and Growers, Young's Brewery and Daniel Thwaites, while its Coats business underperformed.
Mr Campbell says GPG has another $40 million in asset sales underway that should be completed by the end of the year, but he expects further sales should return substantially more by then.
GPG has realised $605 million since January last year.
Meanwhile, the company will initially spend about $20 million buying shares as a way of returning capital to shareholders.
