Investment firm Rangatira Ltd has reported a net after tax profit of $7.9 million for the six months to September, $2.3m ahead of its first half last year.
The company's net asset value per share increased during the period from $5.76 to $6.31.
Company chairman Murray Gough said sharemarkets in both New
Zealand and Australia had recovered strongly, and Rangatira's actively managed unlisted investments had generally performed well.
During the period Rangatira sold its shareholding in Kapiti Cheeses to United Milk.
While Rangatira was confident of Kapiti Cheeses' future, the offer by United Milk was conditional on obtaining 90 per cent acceptance and was at a level which reflected the substantial synergy benefits Kapiti Cheeses could achieve with United Milk, Mr Gough said.
"Rangatira continues to seek opportunities to invest in unlisted businesses where it can actively contribute to ongoing performance improvement," he said.
Shareholders will receive an interim dividend of 15 cents with imputation credits of 4.1 cents, to be paid on December 8.
- NZPA
