Property investors combine results

Press, 6 February 1982, Page 17

Property investors combine results

The combined unaudited group net profit of City Realties, Ltd, and Property Securities, Ltd, was $580,602 in the period to December 31, the directors of City Realties announced. The result came from six months trading by City Realties and five months of business by Property Securities.

The directors said that the take-over offer for Property Securities had now closed, and acceptances had been received for 96 per cent of the shares. “It is intended that compulsory acquisition notices will be forwarded to those shareholders who have not accepted the offer, which will enable Property Securi-

ties to be completely merged with City Realties.” The accounting policies of Property Securities had been changed to bring them into accord with those of City Realties, and this reduced Property Securities’ profit for the period, they said.

Because of the differences in the trading periods between the two companies, and the changes in accounting policy, strictly comparable figures' could not be given. However, the directors

said that the combined sixmonthly trading profit of the two companies for 1980-81 was $443,153, and after extraordinary items of $162,929, the group net profit was $606,082. This was after providing $258,871 for tax and $19,849 for depreciation. During the latest period extraordinary items included in the final result totalled $163,947. The tax provision was $292,604 and depreciation totalled $13,411. A steady tax-free interim dividend of lc a share (10 per cent) is payable on April 15, ex dividend on March 26.

As previously indicated, the dividend for the full, year would be 22 per cent, they said.