L. J. Hooker Invest. Profit Recovery

Press, Volume CIII, Issue 30559, 30 September 1964, Page 21

L. J. Hooker Invest. Profit Recovery

(N.Z. Press Association—Copyright) SYDNEY, September 29. L. J. Hooker Investment Corporation Ltd., Australia's biggest real estate group, recorded a 35 per cent profit recovery in the year to June 30, directors reported today.

Profit for the year was £371,000, compared with £275,000 for the previous year. The latest figure is subject to audit It was after providing £24,000 fot taxation (£877 the previous year), directors reported. Earning rate on unchanged paid capital at June 30, 1964, moved up from 5.1 per cent to 7 per cent. The directors said small profits were earned from sale of assets written down at June 30, 1962. As usual, these had been excluded from net trading results. The result is much in line with the additional statement made in June for the benefit of the 1964 option holders. A comprehensive examination of the group’s trading prospects for 1964-65 and 1965-66 had been made. Directors believed that a sound net profit plan for each division had been established and could be achieved

subject to a reasonable national economy.

Since the close Of the year holders of 724,215 July options exercised their rights and lifted paid capital for the company by £181,054. These shares rank for dividend from July 1, 1964. The interim dividends on both the 6 per cent and 8 per cent preference shares will. be paid as usual this month.