Marac firm does well
The Marac Merchant Banking Group consisting of Marac Corporation, Ltd, in New Zealand, Marc Australia, Ltd, and Marac Hong Kong, Ltd, ail subsidiaries of Marac Holdings, Ltd, increased group net profit 11.8 per cent to $989,000 in the year to March 31. Aided by a rise of more than S7M in assets from Marac Australia. Ltd, total assets increased to $93.1M. In New Zealand, Marac Corporation was affected by a change in tax legislation which no longer enabled the company to claim increased exports incentive deductions.
As a result a substantial increase in tax provision to $509,517 was required ($19,626 1978). However, a major rise in pre ; tax profit largely offset this factor enabling the company to record a group net profit up 15.7 per cent to $632,525. The forward outlook for the group is reasonably encouraging with projected slow growth in New Zealand and expansionary prospects for Marac Australia and Marac Hong Kong.
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Press, 26 May 1979, Page 19
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158Marac firm does well Press, 26 May 1979, Page 19
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