Unit Sub. Interim Profit Jumps

Press, Volume CVI, Issue 31365, 10 May 1967, Page 35

Unit Sub. Interim Profit Jumps

(New Zealand Press Association)

AUCKLAND, May 9.

Unit Subdivisions, Ltd., Auckland land developers, increased its pre-tax profit 80 per cent to £63,458 in the six months to March 31, compared with the same period of 1965-66, the chairman (Mr R. D. Cox) announced today.

The profit for the previous full year was £74,269 before tax and £37,469 after tax. If tax were computed at 50 per cent, the half-year’s result would represent 25.4 per cent on capital on an annual basis, against 19.5 per cent on lower capital the previous year. The dividend was raised last year from 8J to 10 per cent. Trading Maintained

In today’s statement, Mr Cox says that trading since the end of the hqlf-year had maintained the trend already shown. The profit figure was subject to audit.

Mr Cox says that as general economic conditions hardened, a strong trend toward investment in land appeared to be developing. Land Stable Facet

“With the knowledge that Auckland’s population will reach one million by 1982, many people no doubt realise the potential of land as one of the few stable facets of our national economy,” he says.

“Currency is depreciating at the rate of about 4 per cent a year, but land values are appreciating by about 10 per cent, showing that land is a very sound investment.” Because the country must retain as much rural land as possible for primary production, local authorities were zealously guarding the rezoning of land to urban use. Values Will Rise For this reason, residential, commercial and industrial land was becoming scarcer and values would continue to rise. The group was currently engaged in 14 developments and held an extra 244 acres of desirable land for future development. The market value of the land being developed exceeds £4 million.

Profit Rise By N.Z. United (N.Z. Press Association) WELLINGTON, May 9. The New Zealand United Corporation, Ltd., Wellington, increased its profit by £2155, or 5.3 per cent, to £43,046 in the year to March 31. Directors have recommended a final dividend of 5 per cent, making a total of 8 per cent for the year. Total dividends, including preference, require £33,476.

METALS

(N.Z. Press Assn.—Copyright) LONDON, May 8. Buyers Sellers

Spot £ s. d. £ s d Copper . 361 10 0 362 0 0 Tin . 1209 10 0 1210 0 0 Lead . 83 5 0 83 7 6 Zinc . 100 0 0 100 5 0