Half profits double

Press, 12 March 1985, Page 26

Half profits double

PA Wellington Brierley Investments, Ltd, has more than doubled its interim profit to $27,747,000 (1983, $12,470,000) for the six months to December 31. BIL said the increase to the full year to June 30 would be a lesser percentage, but would still be a satisfactory result. A feature of the BIL profit announcement is the offer of bonus shares in lieu of a cash dividend. Shareholders may elect to buy shares at 374 c, which is 90 per cent of the average sale price of shares on the

Stock Exchange in the five days up to yesterday. The dividend is 4 cents per share or 8 per cent, taxfree, to be paid on May 17. Books close May 8. The profit includes $3,451,000 ($944,000) being the equity share of profits of associated companies. Tax was $13,931,000 ($6,682,000) and depreciation was $18,060,000 ($5,072,000). The profit was after deducting minority interests of $27,479,000 ($8,239,000). BIL said the improvement was consistent with the increased level of funds

available for investment. It reflected the continued success of various initiatives undertaken in recent years.

“We are well placed to take advantage of changes in the New Zealand financial system which provide welcome flexibility to deal in overseas markets,” BIL said. “This is of benefit to the company, and to the New Zealand economy generally.”