Hooker sees profit rise in full year

Press, Volume CXV, Issue 33774, 21 February 1975, Page 17

Hooker sees profit rise in full year

(X.Z.P.A.-Reuter—Copyright) SYDNEY. ' Hooker Corporation, Ltd, has weathered the economic storms of the past months i quite well, and expects profits for the full year to show an improvement, but the net trading profit for the six months to | December 31 slipped 5.9 per cent to $2.6m.

j This was 23 per cent above profits for the previous half- ( year although the two periods (are not strictly comparable ' because the first half is usually better than the second. Announcing the results, (the chairman (Mr J. K. Carap- ' bell) was guarded in his com(ments about the. economy, (and the second half of the . I financial year but admitted ■' that he was now more opti- , -mistic. I He expected that profit for the full year will exceed $4.9m. ; The recent government actions in easing the credit squeeze, and stimulating the economy have started toshow up in slightly improved trading conditions. This was particularly so inj (housing, land sales, and real| (estate agency activity. The profit was after provid- j ( ing $372,000 less at s2.lm for( (tax, but $45,000 more atj ($519,000 for depreciation. | l Gross revenue fell from! ;s6lm to s49m. I An unchanged interim divi-

: dend of 7.5 per cent will be ■ paid on May 1. s The result excludes extra- ; ordinary exchange rate gains ■ of $64,000 (nil) on part re- . payments of United States dollar debenture loans. The company said that the . group’s geographic and activity diversification — in real J estate, hotels, retailing, sand--1 mining, farming, and land and . project development — and! the recurring, and medium to (long range nature of many u: of its contracts contributed J (to satisfactory profitability in the present difficult condi- : i tions. t-