Broadlands profit slightly higher

Press, 14 May 1979, Page 12

Broadlands profit slightly higher

The total unaudited group net profit of Broadlands Dominion Group. Ltd, rose $4OOO to $2,484,000 it). the i year to March 31. > The group’s pre-tax ' trading profit was down 8 I per cent, but after providing i 5345,000 less for tax. at j $428,000, net trading profit ; increased 2.5 per cent to '52,758,000. After writing-off $115,000 more at $171,000 for good will, and other items; and deducting $lOO,OOO more at $343,001 for minority interests, and adding capital profits, the net profit was $2,484,000. i A profit of $240,000 i resulted from the disposal of >the company’s holding in N.Z. Pastoral Holdings, Ltd. and other assets. ' “The finance group again !had an excellent year, 'returning in excess of the group’s target earning rate of 16 per cent on average shareholders’ funds, but

despite increased sales ol land, profit was eroded bj the high level of holdingcosts written off by the lani division,” the report says After allowing foi specified preference dividend the earning rate on averagi ordinary shareholders’ fund! fell 0.6 per cent to 11.2 pel cent.

Total assets increased IS per cent to S23IM. This total includes acceptance! and endorsement of $29.7M ($32.7 million)., ’ Shareholders’ funds wen $22.2M ($21.7 million) Net loans and advance! increased from $99.9M to $124.8M, while land projects declined from $17.8M tc $16.7M.

A final ordinary dividend of 3.5 c a share (7 per cen.J is payable on July 11, making a steady 7c for the year. The final ordinary dividend will be tax-free, payable from capital profits.