Com. Sec. outlook

Press, 9 March 1984, Page 11

Com. Sec. outlook

PA Auckland Net profits of Commercial Securities, Ltd in its March 31 year are expected to “exceed substantially” the $60,000 forecast in October. The revised property projection excludes property revaluations, but took into account the results of December, 1983, acquisition, Constell, Aire ConditioningLtd, said the Commercial Securities chairman, Mr M. J. Tanner. “The improvement in our company’s results has been to such an extent that the directors will be recommending a dividend for the 1983-84 year,” he said. Previously, Commercial Securities did not expect to

be in a dividend-paying position, at least until October or November. The group’s property portfolio is worth $22.5 million, more than $lB million of which is invested in four Queen St, Auckland, buildings. These are the Plaza Shopping Centre, Emcom House, Dilworth Building, and 500 Queen St. It was also announced yesterday that Emus Holdings (Auckland), Ltd and the managing director of Commercial Securities, Mr M. D. Johnson, had exercised their options over 2.1 million of the group’s ordinary shares. Commercial Securities’ capital now stands at $6,050,000.