Investment Research Group posts first-half loss, predicts better second half

Monday 12th December 2011

Investment Research Group, the NZAX-listed financial services company that got an infusion of funds from investors in 2011, posted a first-half loss and said it expects a better second half because of projects underway.

The net loss was $450,086 in the six months ended Sept. 30, from a loss of $344,720 a year earlier, the Auckland-based company said in a statement. Total income fell to $717,096 from $1.15 million.

IRG, as the company is known, was thrown a lifeline by investors this year and is now 55 percent owned by GA Sego, a New Zealand-registered company half owned by Sego Holdings (NZ), a vehicle for Malaysian businessmen Hamid bin Bugo and Rewi Hamid Bugo, and Auckland-based GA Group, whose owner is Timothy Keene.

It added the sharechat website to a portfolio including moneyonline.co.nz, irg.co.nz, irgbop.co.nz (the Bay of Plenty arm), shareinfo.co.nz, equity.co.nz, shareclub.co.nz and newzealandinvestor.co.nz.

The first-half result is in line with previous indications from the company, said managing director Brent King. “IRG is expecting a significantly better second six months. There are a number of projects underway and the company will make announcements as they are finalised.”

Last month IRG said it was “assisting a Malaysia-based company to list on the NZAX” in a deal that would see IRG receive about $480,000 worth of shares in the new company, some of which would be distributed to its shareholders.

Shares of IRG last traded on the NZAX market at 0.6 cent, valuing the company at $3.1 million.

BusinessDesk.co.nz

Comments from our readers

No comments yet