KEY POINTS:
Pyne Gould Corporation says its full-year profit will be in line with last year's despite increasing revenues over the second half flowing from new ventures including a tie-up with state-owned Kiwibank.
The company, which holds finance group Marac, Perpetual Trust and 22 per cent of rural services giant PGG Wrightson, said its first-half net profit before abnormal items was $14.5 million, up from $11.3 million a year ago.
Its overall net profit last year was boosted by a $37.3 gain resulting from the merger of Pyne Gould Guinness.
The biggest contributor to the December 2006 half was a record $12.6 million net profit from Marac Group.
Perpetual Trust's $1.4 million, down slightly from a year ago, was "satisfactory", according to PGC chairman Sam Maling.
PGC's share of PGG Wrightson's $12.9 million first-half profit worked out at $2.9 million.
Management was "pretty happy" with the first-half result, said Maling.
"At this stage we are confident that in the full year the company will achieve a net profit before abnormal items in line with last year's."
Last August the company reported an underlying full-year net profit of $29 million, little changed from $28.9 million the year before.
Managing director Brian Jolliffe said Marac's businesses were continuing to grow across the board but particularly in the commercial lending divisions.
There were "encouraging" early signs from newer ventures including a commercial and motor vehicle lending partnership with Kiwibank, its new Ascend regional commercial finance arm, and its online Autotrader partnership with ACP media.
Revenue from those new businesses was expected to pick up over the second half.
The company declared a 9c fully imputed interim dividend and its shares closed a cent higher at $4.50.
