Aust, operations help Marac increase profit

Press, 16 August 1985, Page 8

Aust, operations help Marac increase profit

PA Auckland A tax credit of $13,105,099 preserved the respectability of the $11,951,000 reported as’the audited record ne: earnings of Marac Holdings. Ltd, in the June 30 vear. “

The result compares with 1984 earnings of $11,549,000. a figure reached after a tax payment of $2,792,099. The directors say that the tax turnaround was’ the result

of further rationalisation and improvement in operations in Australia. These allowed the group to bring to account previously unrecognised tax benefits. ’

There were no extraordinary items this year, against a profit of $522.99!) in 1984. The directors recommend a final dividend of 11.25 c a share (22.5 per cent), which will be paid tax free from the share premium reserve on October 10. ex September 25. The distribution makes a total 18.25 c a share for the vear.

Group assets increased bv 35 per cent to $1516 million ($ll5B million in 1984). and include contra items of $l3l million ($B9 million).

Return on average shareholders' funds declined from 18.9 to 17.3 per cent and earnings per dividend ranking ordinary 59c share from 25 to 25.1 per cent. The chairman. Sir James Fletcher, said that the year saw unprecedented change and competition in domestic and international financial markets.

The managing director, Mr Barry Downey, said the result reflected the group’s foresight in establishing operations in Hong Kong and Singapore and diversification into other areas including insurances and investment banking. Marac was positioning itself to take full advantage of its South East .Asian and Pacific Basin structure. * 7