11 Jun 2014

Rangatira lifts annual net profit

8:55 am on 11 June 2014

Investment company Rangatira has lifted its annual net profit more than four-fold, largely reflecting the more than $32 million profit from selling its half share in Contract Resources to Hellaby Holdings.

Rangatira's net profit for the 12 months ended March rose to $39.4 million from $8.5 million the previous year.

The company, which is 51 percent-owned by the JR McKenzie Trust, also sold half its exposure to the market phenomenon, the accounting software company Xero.

Outgoing chief executive Ian Frame said this year had started well also.

He said Rangatira has had a very steady year with the investments that it continues to hold, as well as making a number of new investments in the last year. Mr Frame said they tended to be smaller than previous investments.

During the year, Rangatira bought a 12 percent stake in technology company Magritek and 35 percent of the craft brewer, Tuatara.