Leyland tops prospectus profit forecast

Press, 9 May 1985, Page 30

Leyland tops prospectus profit forecast

PA Auckland Leyland Growth, Ltd, has reported a first interim taxpaid profit of $1,087,430, including $490,762 of unrealised gains on its investment trading portfolio.

The chairman of the investment company, Mr W. J. Strevens, says the March 31 half-year result tops the prospectus’s September fullyear forecast of $1,050,000. Net trading income before tax, including all realised and 80 per cent of unrealised gains on the trading portfolio, is given as $900,340. Tax, including deferred tax, is put at $303,672, leaving a surplus of $596,668.

The company adds to that the $490,762, which is 80 per cent of the difference between market and book value of the long-term investment portfolio. The earnings report lifts shareholders' funds from $9,847,941 at October 1 to $10,760,850 at the end of the March 31 half-year. Mr Strevens says directors will consider recommending a dividend when results for the full financial year are known. He says Leyland Growth now has 20 per cent of its funds invested in Australia, and this percentage will remain under review, taking into account the investment outlook in world markets and currency movements. He says Leyland Growth’s offshore investments continue to be managed by NZI Investment Services, Ltd, through its offshore investment teams.