Brierley Investments net increased by 40 p.c.

Press, Volume CXII, Issue 33066, 6 November 1972, Page 22

Brierley Investments net increased by 40 p.c.

<New Zealand Press Association) WELLINGTON, November 4. Brierley Investments, Ltd, reports that the amount of profit attributable to members of the company for the year to June 30 was $626,941 against $447,724 in 1971—a rise of 40.0 per cent.

This represents a return of 125 per cent on a capital of $500,000, in respect of which it is proposed to declare a dividend of 22 per cent for the year—an increase of 2 per cent. “A somewhat disappointing feature of the accounts is that, as in 1971, they contain a number of audit qualifications in respect of various

sub-subsidiary and associated companies in Australia,” the directors say in the preliminary report. ‘‘These are mainly of a technical nature and do not affect the substance of the assets and liabilities of the group. “However, stronger measures have been taken and will be continued by the Australian subsidiary, Industrial Equity, Ltd, to upgrade the accounting functions of all its related companies.” Shareholders’ funds of Brierley Investments, Ltd, at June 30, 1972, were $3,135,936 after writing off all items of an intangible nature and making specific provisions for investment fluctuation of $1,017,717 and miscellaneous contingencies of $325,723. “This represents an asset backing of 313 c a share on conservative valuations, and the board is of the opinion that On a current realisation basis there would be available not less than a further 200 c a share.” In Australia it is proposed

to provide a greater number of benefits for the shareholders of Industrial Equity, and an announcement in this regard will be made at the annual meeting on November 22. In New Zealand there has always been a more direct participation by shareholders in the growth of the parent company. The same policy will continue in the future, and will be extended wherever possible, The annual report will be issued on November 21, and will contain a comprehensive review of the company’s operations and its prospects for the current term, the directors say.