Comm. Sec. tops $1.4M

Press, 18 May 1984, Page 8

Comm. Sec. tops $1.4M

Commercial Securities reports a profit of $1,444,752 for the year ended March 31. Of this, trading profit accounted for $393,617, compared with $60,000 projected in the prospectus at listing on the Stock Exchange in October, 1983. The remainder of the profit was achieved through property revaluations.

The directors say it is hard to compare the company with its position a year ago because of the restructuring of public listing. Last year’s profit was $285,784 compared with this year’s figure of $1,444,752. Last year’s trading resulted in a loss of $634,805.

Mr Murray Tanner, chairman, said the company’s performance was attributable to sound and profitable purchases during the financial year. The company’s properties were returning a good income and this, with the lowering of interest rates and the acquisition of Constell-Aire Conditioning (1983), Ltd, had produced a most satisfactory result.

In the prospectus it was indicated that no dividend was

expected to be declared for the financial year ended March 31. However, Mr Tanner said that the directors would recommend to the shareholders that a dividend of per cent be paid. The dividend will be paid to shareholders on the register as at June 26.

During the past three years the Company has made bonus issues from its asset revaluation account. The board has decided to continue this policy and will recommend a one-for-five bonus issue of shares.