Investment and asset management firm Pyne Gould Corporation has returned to profit.
The firm made $1.5 million in the six months to December, a turn around from a $27.1 million loss in the same period a year ago when it was hit by massive writedowns.
Net operating income from continuing operations rose a quarter to $11.1 million.
The company controlled by George Kerr is made up of Torchlight Investment Group and Torchlight Securities which focus on investments in Australia and the UK.
Pyne Gould has sold its stakes in Heartland New Zealand and PGG Wrightson and says it should complete the sale of its wealth management arm, Perpetual, by the end of March.
Last year, Pyne Gould came under intense scrutiny from the Financial Markets Authority over related-party loans, which it repaid.
At its annual meeting in November it signalled it may delist from the stock exchange and told investors they may never be paid a dividend.
The company's shares closed at 27 cents on Friday. They had reached a year low of 22 cents last November.
