City Realties trebles profit
PA Wellington City Realties, Ltd, the Wellington-based property company, has ' more than . tripled its profit to join the million dollar club after winning the takeover struggle for the larger Property Securities, Ltd, late last year. The audited group net profit increased from $221,424 to $1,023,285 in the year to June 30, the directors, said in a preliminary report. The profit includes 11 months income from Property Securities. Taxation rose $682,006 to $778,055. Extraordinary items were $238,482 (last year $80,452),
after providing depreciation up $11,889 to $32,468. The result was achieved on issued capital up $2,234,202 to $3,023,374 after the takeover of Property ( Securities and the one-for-10’ bonus issue last year. A final dividend of 1.2 c a share is recommended giving an annual rate of 2.2 c a share (22 per cent) which was what City Realties’ directors promised at the time of the takeover. One half of the final dividend will be tax-free. The total dividend is covered 1.5 times by the profit.
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Press, 8 September 1982, Page 29
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168City Realties trebles profit Press, 8 September 1982, Page 29
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