Viking Capital posts initial profit of $2.7m

Viking Capital said today it had posted a maiden profit for the 10 months to March 31 of $2.75 million.

That included a tax credit of $190,000 primarily from the buyback of Southern Capital.

Viking is the listed investment company set up by Brent King, Grant Baker and Sir William Birch in June 2007.

Mr King described the result as a "very satisfactory start to its listed life".

The company had cash in the bank, no long-term debt and set-up costs had been written off.

It had made a significant acquisition in the form of Investment Research Group (IRG).

He said it had been difficult to for Viking to compete with the large capital flows that the markets had experienced over the last 12 months.

The shares issued last June at 25 cents last traded at 30 cents.

- NZPA