Minprop trading profit doubled
Mining and Property Investments, Ltd, which has received notice of an offer by Brierley Investments, Ltd, earned an audited net trading profit of $45,628 in the year to March 31, compared with $18,366 for the nine months to March 31, 1977.
This result was after providing depreciation of $4697 ($3325) and providing taxation of $35,777 ($10,714).
An evaluation of mineral prospects was completed during the year, and the directors have decided that in view of the results these prospects should be abandoned. An amount of $87,095 ($118,095) has been written-
off giving an accumulated deficit carried forward of $546,133 ($504,666) and leaving shareholders’ funds of $453,567 ($495,034).
The directors have received notice of a take-over offer from Brierley Investments Ltd, and it is intended that the annual report of the company, together with the directors’ recommendation regarding this offer will be dispatched on June 12 with the terms of the offer. It is a condition of the offer that no dividend be declared.
The annual general meeting of the company will be in Wellington on July 3.
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Press, 31 May 1978, Page 12
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181Minprop trading profit doubled Press, 31 May 1978, Page 12
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