NZI Securities profit 22 per cent up
PA Auckland NZI Securities, Ltd, the banking and corporate services arm of NZI Financial Corporation, Ltd, increased trading profit 22 per cent to $855,962 in. the. March year. Assets were 14 per cent higher at $66,052,379, and unsecured deposits up 34.4 per cent at $26,803,569. The tax provision, at $622,664. rose $131,543. There was an extraordinary item of $282,428 representing losses on forward exchange contracts after a tax credit of $231,078. A note to the audited accounts says that all forward exchange contracts outstanding at balance date have now been closed and where losses
have been incurred these have been included? 7 The ■ tax-paid earnings of $573,534 after the extraordinary item represent a return of 20.5’per cent on shareholders’ funds that were $698,534 higher at $2,797,581. The general manager (Mr M. J. Wells) says that the year saw a substantial, increase in the flow of business between NZI Securities and its 24.5 per cent minority shareholder, the Hong Kong and Shanghai Banking Group. He adds: '’This strong banking link with operators in more than 40 countries will assume even greater importance in the coming vears for the company’ and its international financing activities.”
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Press, 3 June 1981, Page 25
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200NZI Securities profit 22 per cent up Press, 3 June 1981, Page 25
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