NZ's PGG Wrightson full year profit jumps 80 pct

WELLINGTON, Aug 19 (Reuters) - New Zealand's biggest rural services company PGG Wrightson Ltd (PGW.NZ) reported on Tuesday a full year profit up 80 percent on new businesses and one-off gains.

The company, posted a net profit of NZ$73.2 million ($51.9 million) for the year to June 30, compared with NZ$40.6 million in the same period last year.

Excluding capital gains and other one-off gains, net profit rose 35 percent to NZ$39.2 million the company said.

PGG Wrightson, declared a final dividend of 11 cents a share, compared with 8 cents in 2007.

The company said it expected net profit in the year ahead to be NZ$50-55 million.

Shares in PGG Wrightson last traded down 1.8 percent at NZ$2.75. So far this year the stock has gained around 26 percent compared with a 17 percent for the benchmark NZX-50 index .NZ50.

PGG Wrightson, formed when Wrightson Ltd merged with rural company Pyne Gould Guinness Ltd, has around 15 percent of New Zealand's fragmented NZ$5 billion rural services market providing retail, finance, livestock and property services.

It plans to invest NZ$220 million for a 50 percent stake in New Zealand meat producer Silver Fern Farms, and may issue up to NZ$75 million in new shares to pay for the deal.

PGG Wrightson also has farm, real estate and livestock businesses in Uruguay, and last year floated a subsidiary, New Zealand Farming Systems Uruguay (NZS.NZ), which invests in dairy farms in Uruguay. ($1=NZ$1.41)