Pyne Gould predicts loss

Heartland NZ's business - now no longer included in Pyne Gould's results, contributed $12.5m of profit for the year to June 2011. Photo / supplied.

Christchurch-based Pyne Gould Corp said it expects to report a loss of $141.1 million for the June year, mostly due to accounting losses made necessary by the restructure of the company and the spin-off of the financial services group, Heartland New Zealand, which listed on the NZX early this year.

The Christchurch-based company, which will report its full result next week, said a trading loss of $26.9m was also likely.

The Heartland business, which is now no longer included in Pyne Gould's results, contibuted a profit of $12.5m.

Pyne Gould shares last traded at 32c.