Bridgevale profits

Press, 1 May 1984, Page 18

Bridgevale profits

Bridgevale Mining, Ltd, returned to the black in the year to December 31, showing an unaudited group net profit of $85,692 compared with a loss of $549,669 in the previous corresponding period.

The latest result was after including extraordinary losses of $15,448

($467,134 previously) and tax payments of $369 ($1946). It also included a loss of $49,944 from an associate company, compared with a profit of $6020 previously. The result was achieved on gross revenue up from $116,826 to $237,319. In addition, there were foreign exchange gains of $123,438 ($65,786 previously). The directors say that during the 12 months most of the investments held in Australian public company shares were sold at prices in excess of book value. The gain from the sale of investments totalled $118,479 and the book value

of investments in public companies held at balance date was $95,018 (market value $110,337), compared with book value of $802,724 (market value $487,038) in 1982. The funds arising from the sale of these investments are being held on short-term interest-bearing deposit in New Zealand and overseas. During 1983 the company consolidated its activities and the emphasis has been to contain cost and conserve the company’s funds to allow it to take advantage of satisfactory opportunities when they occurred, they say.