Barclays faced problems
PA Wellington A difficult trading climate in the deregulated finance industry has contributed to a reduced first half for Barclays New Zealand, Ltd, merchant bank. The company announced a group net profit for the six months to June 30 of $1,100,000 ($1,148,000). Provision for tax was $376,000 ($385,000). No turnover figure was given.
The interim ordinary dividend will be 4.4 c a share (22 per cent) tax-free. Books close on September 3 and payment will be on September 13. Directors said that, while tax-paid profit was on a par with that recorded last year, a difficult trading climate was experienced in the past six months, heavily influenced by the floating of the New Zealand dollar. For a period, domestic in-
terest rates rose to unprecedented levels and the group concentrated on maintaining a high degree of liquidity. Foreign exchange activities, however, produced results ahead of budget and the client base continued to expand in a most encouraging manner. Directors said projections pointed to an improved trading performance in all areas of activity in the second half of the year.
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Press, 17 August 1985, Page 25
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182Barclays faced problems Press, 17 August 1985, Page 25
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