Shares in Pyne Gould Corporation jumped more than 15% after the company tripled its profit forecast.
The South Island asset management company now expects an after-tax profit for the year to the end of June of about $30 million rather than the $10 million previously forecast.
The increase is largely due to the sale of non-core assets over the past year.
Pyne Gould has sold stakes in Heartland New Zealand, PGG Wrightson, Perpetual Group, van Eyk, and ended a management contract with the Heartland bank.
The firm is waiting for regulatory approval to sell Perpetual Trust.
PGC managing director George Kerr says the company's book value has increased by nearly a third to $127 million thanks to the strong performance of its Torchlight Fund.
However, despite the healthy profit, a spokesman for Pyne Gould says it's unlikely investors will be getting a dividend this year.
The company is still also considering delisting from the NZX, in favour of listing on the Australian or British sharemarkets.
Shares in Pyne Gould rose 4 cents to 30 cents on Thursday.
