Investment firm Rangatira has reported a sharp fall in profit.
The company made $13.7 million in the year to March, compared with $39.4 million in the previous year.
It said the difference was due to last year's profit being boosted by $32 million in one-off gains, including selling its stake in Contract Resources to Hellaby Holdings.
Operating earnings rose 15 percent to $9.2 million.
Rangatira is 51 percent owned by the JR McKenzie Trust, and its investments include a half stake in smallgoods producer Hellers, full control of Rainbow's End, a 12 percent stake in technology company Magritek and 35 percent of craft brewer Tuatara.
