Aurora profit rises

Press, 17 December 1976, Page 19

Aurora profit rises

PA Wellmgton.i The group net profit, of the i Aurora Group. Ltd, including' the retained earnings of associated companies, rose 21.2 i per cent to $590,125 in the! year to October 31, the; directors, say in a preliminary’ report. The increased results for the have been contributed to: by the three divisions of the group. Realised capital reserves) were increased $83,717 from the sale of land taken for a! motorway at the rear of) Aurora House. Wellington,! and by the sale of assets) surplus to requirements ini Hastings. To mark the company’s! 50th year, the directors' planned that a- one-for-tenl bonus issue be made from ’ the revaluation of assets) rospnm hnwpvfir an nnnli-

. I cation under the Companies .(Limitation of Distribution) I regulations. 1976. for approval :'of the issue was declined. The directors say that a l>bonus issue will be made in 11977. legislation and conditions permitting. In view of the present high level of the dividend-cover, ■;it is planned that the current: dividend rate of 12 per cent would be at least maintained on the total increased ordinary capital. The directors say that a ; demand for space in all of ’) the company’s office buildings I remains firm, and that. as) I leases come up for review or I renewal, they are being re-; viewed or the space re-let at current market levels. i A number of the company’s I larger leases are due to be I reviewed during the next ) two to three years. Property still remains the

s'best hedge against inflation, )|and the company’s substantial investment in first-class, j .well-located central city real t estate affords shareholders anj t!opportunity to participate in; -'the rewards on such invest-! intents, the directors say. 1 Since the end of the finan’jCial year, one of the group’s fl subsidiary companies. Vibra- , pac Masonry (Wellington),. * Ltd, has rationalised its des-i ' patch, transport and sei.’ 'g' arrangements in co-operation' J. with one of its previous dis-, ‘[tributors, Cement Products,' ’'Ltd, whose senior staff haver ’[now joined the group. _. The results from the motor; t jdivision of the group have| (continued to improve, despite( j the depressed trading preva-l' ((lent in the motor industry! 1 j'for most of the year. The profit was after pro- ' > viding $59,398 more for tax at $320,192. The directors recommend a tax-free final dividend of 3c a share (6 per cent), making a steady 6c a share (12 per ; cent) for the year. ,

Bn-incs* personals Mr G. G. Richards, nas < been appointed secretary of i'British Pavements (Canter■jbury) Ltd, with effect from ■'February 1, 1977. He replaces Mr T. Mackenzie who ■;is retiring after 40 years 11 service. !■ The new chairman of the Christchurch Stock Ex(change for the 1976-77 year ' is Mr W. J. McKie, Mr D. S. ’ Dott becomes vice-chairman ; and the new committee is, 5 Mr .1. M. T. Greene. Mr B. 3 H. O’Malley, Mr R. J. Riley, 3 Mr J. L. Sturge and Mr .1. R f Wignail.

I nil trusts

December 13. {Investors 70 76 ! First N.Z. .. 122 130 N.Z. Income 78 83