L. J. Hooker To Pay No Interim Dividend

Press, Volume CI, Issue 29802, 19 April 1962, Page 17

L. J. Hooker To Pay No Interim Dividend

(NJU*A.-Reut«F-Copvripht)

SYDNEY, April 18. The L. J. Hooker Investment Corporation, Ltd., will not pay an kiterim ordinary dividend for the half-year ended December 91. Indications are that no dividend will be paid for the year ending June 30, directors say. Last year the company reduced the dividend rate to 13 per cent, after paying 20 per cent, for four years Consolidated net profit for the six months to last December 31 was £29,748 after unstated tax. compered with £360236 for the corresponding period of 1960*61. Trading conditions since December have continued to be extremely difficult It is not anticipated that

satisfactory profits will be achieved until toe 1962-63 financial year. Trie company's pastoral and hotel activities operated profitably, directors say.

However, losses were incurred in the real estate divj. sion. No Extension The company plans no further hotel buaineas extensions. The Rex Motels were sold and there has been further selling ot hotel-motel sites. Erection of meat works at Katherine, West Australia, will altow killing and add value to toe company’s Victoria river downs property. The credit restrictions retarded the company's plans for development of real estate and imposed liquidity and profitability problems, directors state.