Patrick losses reach $2.3m

Press, Volume CXV, Issue 33887, 5 July 1975, Page 19

Patrick losses reach $2.3m

I.N’.Z Press Assn—Copyright) Patrick Corporation. Ltd. lost $771,133 in the six months to March 31. No reason for the loss was given by directors in their brief statement to the Sydney stock exchange, but it is understood the company has been faced with substantia) interest and holding charges. They said that the company had considered it prudent to make further provisions of $533,061 against securing loans where the value of securities held had been uncertain in the prevailing market conditions. In the 15 months to September 30 last, the Sydney - based investor, formed through the merger of the former sharebroking firm, Patrick Corporation, and its associate. Castlereagh Securities, incurred a

net operating loss of sl.sm. It wrote off $ 13.7 m in extraordinary items in the same period. The company also reported that options over 4,189,200 shares in a subsidiary, Investment Mining and Finance, Ltd, had not been exercised by the due date. June 29. The option had been granted to Austral Mining, Ltd, to buy the shares at 12c each. Had it been exercised. Patrick Corporation would have benefited from a cash injection of just on so.sm. Investment Mining shares last sold in Sydney for 13c.