Richina gains 15pc after Mainzeal recovery

Investment company Richina Pacific boosted half year net profit by 15 per cent and said yesterday that it expected improvements to continue to the full year.

The former New Zealand investment company, now based in Singapore, booked a net after-tax profit of US$3.6 million ($5.7 million) for the six months to June 30, on a 2.1 per cent increase in revenue to US$240 million.

Mainzeal Property and Construction recovered from previous significant losses on two major projects in Auckland, turning around the Richina Land unit's pre-tax earnings to a US$1.6 million surplus from a US$2.8 million loss a year earlier. Mainzeal's future workload totals $227 million.

"Richina Pacific is expected to deliver an improved second half result which is in line with directors' expectations," chairman John Walker said.

Net profit rose 32 per cent last year to US$10.3 million. Shares in Richina fell three cents, or 5.7 per cent, to 50 cents.

- NZPA