Profit of Owens rises

Press, 17 December 1985, Page 30

Profit of Owens rises

PA Wellington Owens Investments, Ltd, listed since August, has increased its interim profit by 44.7 per cent to $2,785,009 (last year $1,924,000) for the six months ended September 30.

The figures include equity profits of $1,089,000 ($451,000). There were no extraordinaries (nil).

Turnover was SISIM (SI3IM), up 15 per cent. Tax took $1,194,000 (last year credit of $471,000). Minorities took $651,000 ($451,000).

Owens said results from subsidiary companies had continued to show improved performance over 1984, with particularly good performances from Seatrans New Zealand, Ltd, and Trailways Transport, Ltd. The high levels of growth during a period of fluctuating economic conditions

were the result of the excellent performance of staff at all levels. Owens said economic conditions in the next six months would not be easy, but the directors were confident the company was well placed for further growth and still expected a satisfactory profit for the year. The company said the last six months had been a period of change for. Owens Investments, with a restructure of its capital base and its listing on the Stock Exchange on August 12. The company continued to expand and build on its existing base of personnel and assets.

During the period significant changes to investments occurred.

Bridgeport Pty, Ltd: An 80 per cent shareholding was acquired in this Sydney customs and shipping

agency. Since September 30 a Melbourne customs agency had also been acquired. Intersuisse, Ltd: A 10 per cent shareholding was acquired in this international trade financier and merchant banker, based in Sydney. Hurley and Williams, Ltd: The shareholding in this customs agency, based in Auckland, was increased from 45 per cent to 100 per cent.

A.A. Edwards, Ltd: A 90 per cent shareholding was acquired in an engineering company specialising in manufacture of saw-milling and forestry-related equipment.

Wenrich Investments, Ltd: A 45 per cent shareholding was acquired. This company was restructured as a listed investment company specialising in the manufac-

turing sector. The Owens 42 per cent shareholding in Brugger Holdings was sold to Wenrich and, since September, R.A.O. Properties, Ltd, had been sold to Wenrich. In addition, Wenrich had purchased McKee Fahl Constructors, Ltd, and The Pot Belly Stove Company, Ltd.

Mogal Corp, Ltd had acquired 100 per cent of Hirepool (Auckland), Ltd, and increased its shareholding in Carlton Cranes, Ltd, from 50 per cent to 100 per cent. On November 29 Owens Investments made an offer to purchase all shares not held by it in Mogal Corp. It was expected that Mogal would become a 100 per cent owned subsidiary before March 31. Owens said there were a number of investment opportunities under consideration.