Solid profit rise for N.Z. United

Press, Volume CXII, Issue 33064, 3 November 1972, Page 7

Solid profit rise for N.Z. United

(New Zealand Press Association) WELLINGTON, November 2. The unaudited group net tax-paid profit for the half-year to September 30, was about $160,000, the chairman of New Zealand United Corporation, Ltd (Mr F. H. Renouf) said in a statement today.

This compared with a figure of $lOB,OOO for the corresponding six-month period in 1971.

“It is difficult to compare results on a six monthly basis because of seasonal factors involved in money market operations and variations in receipts from other major income earning divisions such as underwriting. “However, on results to date and projections for the current six months, group tax paid profit for the year to March 31, 1973, should be in excess of that achieved last year ($252,000),” Mr Renouf said.

Mr Renouf also advised that Mr W. Grant Hellar 111 has been appointed the alternate director for Mr L, J. Mulkern, of the Bank of America, after the return of

Mr D. C. Colville'to an executive appointment in San Francisco.

Yen under pressure

Heavy selling of U.S. dollars continued unchecked on the Tokyo foreign exchange market over uncertainties about the future of the yen. The volume of trading was estimated at sl27m, of which slo7m were believed to have been bought by the Bank of Japan. It was the fifth consecutive trading day that volume exceeded sloom, despite extremely tight exchange controls. The turnover in October totalled about $2170m, which was the third largest monthly record — after s6Boom in August and $2400m in December.