In a six-month result, Sir Ron Brierley's investment vehicle Guinness Peat Group posted an increase in net profit but forecast a decline for the whole year.
Director Tony Gibbs attributed the expected decline to the "lumpiness" in GPG's profits as a deal-maker - "We're not a factory making widgets" - and the context of a "spectacular" 2001.
The company posted a net profit of £20 million ($67.3 million) for the six months ended in June.
That was up on last year's £12.3 million, after GPG sold shares in Inchcape Motors in Singapore, Brickworks in Australia and some smaller British holdings, Sir Ron said.
First-half pre-tax profit nearly doubled to £28.7 million from a restated figure of £15.2 million a year earlier.
GPG has been busier than expected in New Zealand during the period, he said.
GPG completed the acquisition of fruit exporter Enza in April before merging it with GPG's 45 per cent-owned Turners & Growers.
Turners & Growers offshoot Turners Auctions is expected to float on the New Zealand Stock Exchange early next month.
GPG also played a key role in the recent drama over Fletcher Forests' failed bid for the Central North Island Forestry Partnership, after it acquired 20 per cent of Forests shareholder Rubicon.
"The future structure of these companies is a matter of some debate in which GPG is an active participant," Sir Ron said.
GPG's $67 million partial takeover offer for Rubicon was blocked by the Takeovers Panel late last week.
The profitability of the GPG group was largely based on the income from interest and dividends and operating subsidiary profits, Sir Ron said.
GPG also has shareholdings in Australian companies such as Capral Aluminium (30 per cent), and in the United States.
Sir Ron took another swipe at International Accounting Standards (IAS), criticised in the GPG annual report.
" ... [It] has since become very topical after Enron and other US revelations.
"Although auditor 'independence' provides a simplistic target for corporate 'trendies', it is virtually irrelevant in reality.
"Competence and a return to common-sense standards are the real issues."
Sir Ron said the outlook for the rest of the financial year was positive, although it was unlikely that realised profits would reach the same level as in 2001.
The company reported a doubling of annual earnings in mid-March after selling three key investments.
GPG will not pay a dividend.
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