Intertasman profit up to $878,161

Press, 22 June 1985, Page 21

Intertasman profit up to $878,161

PA Wellington The W'ellington-based investment company Intertasman N.Z. Group, Ltd, has increased its profit by 80 per cent to ?878,161 ($489,649) for the year to March 31. The deduction of $110,850 ($89,291) for goodwill amortised reduced the total profit to $767,850 ($400,358). The company said that last year goodwill was amortised against the asset valuation reserve but this year it had been reallocated against earnings. Operating revenue was $10.7 million ($8.6 million) and realised capital gains added $349,539 ($86,977). Tax took $326,510 ($230,998) and minorities took $4689 (nil). The final dividend will be 5c a share (10 per cent) taxfree, making 10c a share (20 per cent) for the year. The chairman of Intertasman, Mr R. T. Reesby, said the 80 per cent increase in profit over the previous period was particularly satisfactory. Mr Reesby said that, since Intertasman’s reconstruction in 1982, the group’s profit performance had in-

creased by an average 1800 per cent per year and its asset base had developed from $166,000 to $5,600,000. The ordinary 50 cent shares now had a net tangible asset backing of 118 c, compared with 1c in 1982. The manufacturing base in New Zealand was being enlarged steadily, with emphasis on vertical integration of product through to selling. The design and contract management services areas were continuing to grow to meet the demands of the present high rise building. During the year the Nova Group achieved record profits and continued to lead in the outfitting of commercial offices throughout the country, while the company’s investmentactivities continued to contribute strongly to group profitability. “The level of contracts and orders on hand throughout the group is approximately 70 per cent higher than the same period last year,” said Mr Reesby. “Based on this, the directors expect profit for the six months to September 30 will be significantly ahead.”