Rangatira Announces $10million After Tax Surplus

Wellington-based investment company Rangatira Limited, achieved a net surplus after tax for the year ended 31 March 2004 of $10.0 million, up (last year 96% on the previous year’s result of $5.1 million).

Murray Gough, Rangatira’s Chairman, said that the Company had had a positive year. Performance was particularly strong in the first six months with the Australian and New Zealand sharemarkets rebounding and the Company’s unlisted investments trading well.

The second six months had been quieter, but steady. overall the Company had a good year. He noted that the improved result was strongly influenced by non-recurring items.

Performance was particularly strong in the first six months with the Australian and New Zealand sharemarkets rebounding strongly and the Company’s unlisted investments trading well. He said that the second six months was quieter but steady.

Rangatira’s Ooperating earnings after tax increased by 28% to $5.0 million from compared with $3.9 million in the previouslast year.

In addition, a further $5.0a $2.4 million gain (last year $5.8million)1.2 million gain) arose was achieved from realisation of investments, while and revaluation of listed investments and propertycontributed $2.6 million (last year -$4.6 million).

Further to the $10.0 million net surplus, Rangatira recorded a $9.3 million increase (previous year $2.0 million decrease) in its revaluation reserve due to the performance of its listed share portfolio.

Mr Gough said the Directors of Rangatira had reviewed the underlying value of the Company’s investments in unlisted equities and in their opinion, at 31 March 2004 these investments were likely to be worth between $6 million and $20 million more than reported book value.

Directors have declared a final, fully imputed dividend of 16 cents making the total dividend for the year 31 cents per share (previous year 29 cents).

The final dividend will be paid on 28 June 2004 and for dividend purposes the share registry will close for dividend purposes on 18 June 2004.

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