Aurora 1:8 after trading result fall

Press, 26 May 1984, Page 24

Aurora 1:8 after trading result fall

Aurora Group, Ltd, the Wewllington property developer, plans a 1:8 bonus issue and a rights issue, after reporting a total group, operating profit of $6,017,410, a drop of 21.6 per cent compared with the 1983 financial year, the directors announced yesterday. The total group surplus last year was $7,675,275. But net tax-paid operating profit rose 13.9 per cent, and this was considered a satisfactory result having regard to the fact that the whole year under review was affected by the Rent Freeze Regulations of 1982. A final dividend of 9.5 per cent, tax-free, is recommended, payable on July 31

from realised capital reserves, making the total for the year 16 per cent. A number of rental reviews negotiated during the period of the freeze have been implemented from April 1, which will benefit the results for the current year, the directors said. The revaluation of assets, although below last year, may be expected to fluctuate from year to year depending upon the timing of rental reviews. The revaluation does not include properties in the course of redevelopment. The extraordinary profit of $513,007 represents the profits realised on the disposal of the motor division

before March 31, plus the profits on the surrender of certain life insurance policies. At an extraordinary general meeting of shareholders it was resolved to subdivide the existing 50c shares into 25c shares, effective on June 1. The directors have resolved in principle to make a renounceable rights issue to existing shareholders in July or August. Full details of this issue will be determined and announced at the end of June. The directors plan a one-for-eight bonus issue from the Revaluation of Assets Reserve to shareholders on the register at 5 p.m. on August 31.