26 Aug 2010

Finance arm helps Pyne Gould return to profit

1:20 pm on 26 August 2010

Pyne Gould Corporation has returned to profit, largely due to an improved performance at its finance arm.

The South Island based lender and fund manager made $22 million in the year to the end of June.

That compares with a loss of more than $54 million in 2009, which included significant writedowns.

Managing director Jeff Greenslade says the company's finance arm, Marac, contributed more than $14 million to the total profit.

Pyne Gould has not declared a dividend, but is reviewing its dividend policy, and will update shareholders in late October.