Rangatira, the Wellington-based investment group, kept its first-half dividend unchanged at 20 cents a share after posting a drop in first-half profit that mainly reflected the year-earlier sale of its stake in Contract Resources.

Profit was $3.9 million in the six months ended Sept. 30, from $30.8 million a year earlier, which included $29.7 million in gains from asset sales, the Wellington-based company said in a statement.

Operating earnings climbed to $2.8 million from $1.8 million, and the company said it expects a seasonal increase in sales for the second half from unlisted investments such as Hellers, Polynesian Spa, Rainbow's End and Tuatara Brewing Co.

Rangatira increased its holding in Magritek, a magnetic resonance imaging firm, to 18 percent from 12 percent in the first half after the manufacturer met sales targets.

The company said the asset backing of its shares fell to $10.76 as at Sept. 30 from $11.20 at March 31, as a result in a decline in the value of investments, including Xero.

Rangatira has two classes of shares that trade on the Unlisted platform, with 67 percent held as class 'A' shares and 33 percent in class 'B' shares to differentiate between charitable and non-charitable shareholders.The class A shares last traded at $9.50 and its class B shares at $9.30.