Will Prop profit up to $2.9M

Press, 9 August 1985, Page 8

Will Prop profit up to $2.9M

PA Wellington The Wellington-based Williams Property Holdings, Ltd, has increased its interim profit before extraordinaries to $681,760 ($501,200) for the six months to June 30. Extraordinaries were $2,269,169 (nil), giving a total profit of $2,950,929 ($501,200). The extraordinary items comprised an unrealised gain of $310,000 from the exercising of an option to purchase a development site and an unrealised exchange gain of $1,950,929 resulted from the multi-currency revolving note facility established in mid June 1985 to replace local borrowings. The interim dividend will be 2c a share (1.875 c last year) tax-free, to be paid on September 16. Books close on September 2.

Williams said the result includes three months trading from the two recently acquired serviced apartment blocks, Melksham and lona and six months trading from Williams Construction (Canterbury), Ltd. The profit from the Williams City Centre would have been substantially greater but for the unprecedented increases in the interest cost of domestic borrowings which have since been repaid.

No account has been taken of the equity holding in Intertasman, since sold to Invesco. Williams’ directors said that, in view of the recently expanded earnings base and lower interest rates debt now in place, they expected trading profits to show a further substantial improvement in the second six months of the year.