Amoil loss reduced

Press, 1 June 1978, Page 17

Amoil loss reduced

I Amoil N.Z., Ltd, incurred; a net loss for the year to' March 31 of $43,465, com- ; pared with a loss of $559,852 in the previous 1 year. After taking account net' [ unrealised losses on currency. fluctuations of $151,214 ($28,846), an adjustment in respect of unrealised gains on the group’s share investments of $143,666, and an over-provision for taxation in respect of the previous years of $442 ($77) the accumulated deficit carried forward in the appropriation account was; doubled to $673,091. The above figures are after providing for depreciation of $77,733 ($65,399) and taxation of $69,034 ($40,322). Shareholders funds at March 31, amounted to $895,651 ($1,223,797). The market value of the group’s share portfolio,

11 which is principally Australian shares, exceeded its cost ■ by $997,187 ($160,313) and 1 this amount has been credi-1 [ted to an investment fluctua-1 tion provision. Kanieri Gold Dredging. Ltd, incurred a loss of; I $226,711 for the year, in-' eluding an unrealised loss of ; $140,406 on a Swiss franc ■ loan from the Development 1 Finance Corporation. No dividend is recommended. The directors of Amoil . have received notice of a take-over offer from Brierley i Investments, Ltd, and it is [now intended that the an- ; nual report of the company, together with the directors’ 1 recommendation regarding this offer be dispatched to shareholders on June 12, with the take-over offer. It is proposed to hold the annua! meeting in Wellington on July 3.