Wilson Neill profit up

Press, 13 November 1985, Page 54

Wilson Neill profit up

PA Wellington Wilson Neill, Ltd, increased its total group net profit 60.4 per cent to $2,154,000 in the six months to September 30, the Dunedin-based exporter and liquor merchant announced yesterday. The profit was after adjusting for minority interests and the share of retained profits of associ-, ated companies, plus capital profits on sales of assets of $21,000 ($385,000 previously). The pre-tax trading profit more than doubled from $1,242,000 to $3,323,000 and the provision for taxation rose $BBl,OOO to $1,372,000. Turnover, excluding appliances, improved 26.2 per cent to $51,000,000.

Although there were signs that export and domestic trading would be more difficult in the second six months of the financial year, the directors said they believed that the company was well positioned to minimise the effects of any reduction in economic activity. They expected the group net trading profit for the

second six months to be at least equal to the first halfyear. The steady 5c interim dividend was paid on August 19. The directors said that before payment of the final dividend, they intend to seek the approval of shareholders to change the articles of association, enabling shareholders to take bonus shares in lieu of dividends.

During the half-year, the export division bought the 50 per cent of Otago Game, Ltd, not already owned, purchased a substantial equity interest in Townsend and Paul, Ltd, the Napier-based seafood company, and provided additional capital to the 50 per cent-owned Te Awamutu Berryfruit, Ltd.

Considerable work was done to prepare Wilson Neill’s tender for the proposed new kiwifruit licence, but the company was unsuccessful on this occasion, the directors said. Since balance date two wholesale liquor licences were acquired in Wanganui and the Carnarvon Station Hotel complex in Dunedin had been sold.