Business briefs
Hotel sold Kingsgate International Corporation, Ltd, says it has agreed to sell the Vacation Inn at Frankton, Queenstown, to Messrs J. Boult, I. M. Stalker and T.. D. Gamble. The sale will be completed on April 30 when the hotel will cease to operate as part of the Vacation Inns and the Kingsgate Hotels chain. Forestry earnings Forest Investments, Ltd, a Taupo-based forestry investment fund had a final result of $56,987 for the half year to December 31, down from $69,004 in the previous corresponding period. New profit before tax was $105,002, compared with $126,850 in the previous .period. Provision for current taxa-
tion was $48,015, compared with $57,846. The final result is Forest Investments’ retained earnings for the period. The company has shareholders’ funds of $6,258,876, up from $4,897,124 at the end of the previous 1982 second half. Aurora move Aurora Group, Ltd says it has sold its three retail motor outlets at Lower Hutt, Hastings and Paraparaumu, including all the associated properties in Hastings and Paraparaumu. The funds from the divestment of the motor division, including the associated properties will be approximately $3 million, which will include a profit over book value of some $600,000 the company now says.
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Press, 12 April 1984, Page 26
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203Business briefs Press, 12 April 1984, Page 26
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