Aurora quitting motor interest

Press, 10 December 1983, Page 24

Aurora quitting motor interest

The Aurora Group, Ltd, the Wellington-based property company, reports an after-tax group operating • profit of $609,220 for the half-year to September 30. This is 6.3 per cent up on the corresponding half of the previous year ($573,072). Provision for tax is $80,559 ($126,353). The directors say the half-year was affected by the rent freeze. During the freeze about 60 per cent of the company’s rentals would have been reviewed and therefore significant increases in income could be expected for the year beginning on April 1. In view of the deferral of rental increases until next April, and the fact that a number of large leases are at present being reviewed, the

directors say they consider it prudent to defer revaluing the group’s assets until March 31, by when the full effect of the post-freeze regulations will be known.

The board has decided to sell its retail motor businesses as they are now outside the scope of the firm’s main activities of property development and investment. The sale of the Lower Hutt branch of PME, Ltd, has been negotiated, with a lease of the property to the new owner.

The Hastings motor outlet, which previously operated from two buildings, has been re-organised to operate from one building and the surplus property sold (after the end of the half-year) at a satisfactory profit.

There will be a non-taxable interim dividend of 6.5 per cent (3.25 c per share), payable subject to the consent of the High Court, from share premium account. This is the maximum allowable under the dividend freeze.

Payment will be made to fully paid ordinary shareholders who are on the register on January 19.