UNIT SUBDIV. PRELIM.
High Charges, Profit Jump (N.Z Press Association) AUCKLAND, Nov. 7. The pre-tax profit of Unit Subdivisions, Ltd, Auckland land developer. jumped $33,959, or 23 per cent, to $182,497 in the year to October 1, in spite of a massive writing off of debenture issue expenses. The dividend has been maintained at 10 per cent—the first time that the company has not lifted its payout since the initial 4 per cent was paid in 1962. It is payable on February 8, ex January 25. Presuming that tax would absorb about half of the profit, the earning rate on much higher average capital would be 18.2 per cent compared with 19.5 per cent last year. The directors have considered it prudent to write off the entire $39,009 cost of the recent debenture issue, which raised slm. Without this write-off, pretax profit would have been 49 per cent higher than last year’s. Net profit in 1966 was $74,938 after tax of $73,600.
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Press, Volume CVII, Issue 31521, 8 November 1967, Page 29
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162UNIT SUBDIV. PRELIM. Press, Volume CVII, Issue 31521, 8 November 1967, Page 29
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