Hooker profit steady

Press, 19 August 1978, Page 19

Hooker profit steady

PA Sydney Hooker Corporation, Ltd, earned a net profit of sAust6.BM in the year to June 30, representing a drop of 3 per cent. The steady 7.5 c a share dividend rate for the year will take 54.3 M. From the beginning of April last year the company stopped capitalising the cost, most of which was interest charges, on land held for future development. Hooker’s own projects,

and those in which it was involved as a partner were affected. The result of this decision was that 39.1 M was sliced off the company’s earnings in the latest year, compared with $2.4M in 1976-77 when the policy was practised only in fne last 3 months. The decision to provide another S3M for losses on the company’s head-lease arrangements ($2.5M was provided in the previous year) is a result of the difficulties the company has had in fill-

ing its glamorous King George Tower office block, in Sydney. Pre-tax profit, before the headlease and holding charge write-offs, increased S6.BM or 26.6 pet cent, to $32.4M in the latest 12 months. Turnover rose 6.0 per cent to 5153.4 M. The provision for tax was down $520,000 at $3.7M, gross interest expense was S4.IM higher at 514.6 M and depreciation was down $33,000 at $899,000.