Marac result reflects higher funds
(N.Z. Press Association) AUCKLAND, November 3. Marac Finance, Ltd, almost doubled group net profit in the six months to September 30, but used much higher assets to achieve this, directors say in their interim report. The profit, at $455,431, was $220,718 higher than that in the 1971 half-year. On an annual basis, it represented an increase of 55.2 per cent on earnings in the full year to March 31. The earning rate on capital would be 30.5 per cent compared with 26.1 per cent in 1971-72. Capital was increased by a one-for-three premium issue in March. Assets at September 30 totalled $41.3m, compared with $34.5m at March 31 and $25.1m at September 30, 1971. The company paid no interim dividends. The annual dividend rate has been 12 per cent in the last two years. More than 90 per cent acceptance of the bid by Marac Holdings, Ltd, had been received. It is unconditional. This allowed for reconstruction and the participation of Security Pacific National Bank, Los Angeles.
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Press, Volume CXII, Issue 33065, 4 November 1972, Page 18
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172Marac result reflects higher funds Press, Volume CXII, Issue 33065, 4 November 1972, Page 18
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