After experiencing a huge lost last year, Investment Company, Pyne Gould Corporation has gained profits.

It has been reported that the Company has gained the net profit of $22 million post-tax this year after facing a loss of $54.4 million last year.

According to the Chairman Bruce Irvine, the credit of these profits goes to the $272.5 million recapitalization last October and the financial services, which had been offered to the New Zealanders with the help of Marac and the Perpetual Group.

The net profit achieved by the group includes contribution of $14.3 million from Marac Finance, PGG Wrightson investment $3.9 million and Perpetual Group $4.5 million.

Sale of 50% of Marac Insurance to the New Zealand Automobile Association contributed $2.5 million in the net profit.

Out of $374 million of total portfolio, $175 million of property loans were shifted by Marac to RECL last year.

Managing Director of Pyne Gould Corporation, Jeff Greenslade affirmed that next year Marac would work on its proposed publicly listed Heartland bank. The proposal will be taken into consideration by the Southern Cross Building Society, Boards of Marac Finance and Canterbury Building Society.

Once the proposal is approved by the Boards, the next objective will be to get the assistance from shareholders, debenture, members and bond holders.