FC Finance ahead of predictions
PA Auckland First City Finance, Ltd, has exceeded its forecast of tax-paid profit in its first full year, with audited consolidated earnings of $346,000 in the March 31 year.
The directors have announced a 2.5 c a share (2.5 per cent) dividend payable on July 1, ex June 18. The 1985 profit projected in the 1983 prospectus was $330,000.
Pre-tax trading profit for the 1985 year was $630,000, compared with $31,000 at the initial balance date, and tax took $284,000 (1984, $14,000). The total assets at balance date were $18,951,000 ($5,570,000). The chairman, Mr David Johnson, notes that this is below the prospectus forecast ($22.5M), but says the target was not met as a result of a decision not to buy money at high prices during March.
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Press, 9 May 1985, Page 30
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132FC Finance ahead of predictions Press, 9 May 1985, Page 30
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