Rangatira Investments maintained its dividend in the face of weaker earnings following the sale of smallgoods maker Hellers.

The Wellington-based investment firm will pay an unchanged dividend of 36 cents per share on June 21. That takes the annual return to 60 cents, or $10.6 million.

Rangatira sold its Hellers business in January for an undisclosed sum, which chair David Pilkington said left the firm in a strong enough financial position to maintain the dividend.

Rangatira is sitting on $75m in cash to invest and valued its assets at $255m as at March 31.

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"While currently opportunities are not plentiful and price expectations are higher than in the past, Rangatira's key point of difference to other investors is our reputation and flexible long-term holding period," chief executive Mark Dossor said in a statement.

"As a long-term investor, with holding periods of over 10 years, Rangatira is an attractive investor partner to businesses and owners with a long-term view."

The firm reported a net profit of $6.6m in the 12 months ended March, down from $11.1m a year earlier. Operating earnings were $9.1m, down from $11.3m. Rangatira restated its earlier figures due to a change in how gains and losses were recorded.

The decline in operating earnings was due to a 10-month contribution from Hellers before it was sold and weaker performances from its stakes in Bio-Strategy, Rainbow's End, and Mrs Higgins.

Magritek outperformed the year-earlier performance and Rangatira has since lifted its stake to 25 per cent from 18 per cent. It has also invested in a gold kiwifruit development.

The company's shares trade on the Unlisted exchange. A-class and B-class Rangatira shares both last traded at $12.50. A-class shares carry full voting rights, while B-class shares are restricted to voting only on matters affecting their rights.