Guinness Peat Group has seen a further fall in its fortunes, with profits dropping from $92 million in 2010 to $2 million last year.
In its annual result, GPG says the value of its shareholder funds have fallen by about a third.
The company's results were caused largely by write-downs, actuarial losses on pension obligations for its main subsidiary, foreign exchange losses and unrealised gains on investments.
The result saw GPG's shareprice on the New Zealand Stock Exchange fall by 15% on Friday before recovering slightly.
GPG was founded by investor Sir Ron Brierley about two decades ago but is in the process of being wound down.