Cynotech in the black

Cynotech Holdings, the investment firm of convicted fraudster and 80s high flyer Alan Hawkins, yesterday reported an interim half-year profit of $441,552, up from a loss of $978,982 for the same period last year.

The company - listed on the NZAX alternative market - said its net operating profit for the six months to June was $57,849, while a share placement cost it $115,954.

However, the company's result was pushed into the black by a $499,657 extraordinary gain from the sale of assets.

All divisions and subsidiaries contributed to the result the company said and that was expected to continue "at an increasing rate" during the second half.

- NZPA