Property Securities net proft falls

Press, 20 September 1980, Page 19

Property Securities net proft falls

Property Securities, Ltd, the Wellington-based property developer, recovered in the final six months to July 31, according to the chair- ' man (Mr F. H. Renouf) in a 'preliminary report. i The group net trading pro= fit fell 4.8 per cent to $605,022. In the first six months to January 31, the trading profit was down 45.3 per cent to $280,577. In addition to the profit, there were realised capital gains of $47,609 ($174,013 previously), of which $34,887 was previously included the asset valuation reserve, Mr Renouf said. Retained profits at July 31 were increased '593,711 to $i;775,423, and the asset revaluation reserve was raised $301,445, after the revaluation of the comp a n y ’ s long-term in-

vestments to the latest Government valuation. Canital and other reserves were reduced from $515,206 to $376,044 after the bonus issue last year, and the provision of part of the latest dividend to be paid from the share premium reserve, he said.

The profit was after providing $17,496 less for tax at $479,889. - A recommended final dividend of 6.5 c a share, including 2c a share tax free, gives a steady annual rate of 12.5 c a share (25 per cent) on capital increased by the one-for-ten bonus issue last year. The annual dividend rate absorbs $511,311 and is covered 1.2 times by the profit. The final dividend is payable at the annual meeting in November.