CHEVRON HOTEL
Loss Exceeds 10m Dollars (N.Z. Press Assn.—Copyright) MELBOURNE, Feb. 21. The deficiency of Chevron Sydney Ltd. (Receiver appointed) jumped from 3,282,556 dollars to 10,644,247 dollars in the year to July 31, after a huge provision for loss on the realisation of the company’s Potts Point Hotel. As announced previously, the hotel, which is the company’s major asset, has been sold for 3.6 m dollars to Whitehouse Properties Pty., Ltd. The balance sheet for the latest year, issued today, shows that a 6,562,436 dollar provision for loss on realisation has been made. A note to the accounts says that in calculating the provision for loss on realisation of the assets sold, no account had been taken of interest receivable under the contract of sale, or of the receiver’s remuneration and costs of distribution of the proceeds to debenture holders. The total value of the hotel site and the building is shown in the balance sheet at 9,394,512 dollars before the new provision. The company incurred a loss of 798,475 dollars in the latest year, compared with 833,330 dollars previously. The profit from hotel trading edged up from 239,750 dollars to 256,654 dollars.
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Bibliographic details
Press, Volume CVI, Issue 31305, 27 February 1967, Page 17
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193CHEVRON HOTEL Press, Volume CVI, Issue 31305, 27 February 1967, Page 17
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