Equitable struggles
Equitable Building and In= vestment Company of Wellington, Ltd, earned an unaudited net profit in the halfyear to September 30 of $2650 after taxation provision of $720, compared with ( $13,050 after taxation provision of $5200 in the previous corresponding halfyear. Although the company has usually earned an increased profit in the second halfyear, the present lack of activity in the property market makes any substantial profit recovery unlikely this year. The directors have decided that the company’s liquidity must be maintained, and accordingly no interim dividend will be paid. Steps have been taken to reduce the company’s outgoings and to increase income from retained assets. It is also expected that some profitable property sales will be confirmed before the end of the financial year. The directors intend to make a recommendation and to seek the views of shareholders on the future of the company before March 31.
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Press, 21 December 1977, Page 20
Word Count
149Equitable struggles Press, 21 December 1977, Page 20
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