Gen. Properties up
PA Wellington High interest rates, low consumer spending and a “slow” property market had a significant effect on profitability for General Properties Corporation, Ltd, according to the chairman, Mr 0. R. Gunn. In spite of that the company was able to report an after-tax surplus of SS.IM for the year ended October 31, 1985 — up'on projections by about SI.SM, owing mainly to property revaluations. Mr Gunn said the expansion resulting from the merger of Northgate Pro-
perties, Ltd, and General Properties Consolidated, Ltd, should ensure continued growth. The managing director, Mr B. R. Barnett, said the investment policy emphasis on buying in the right location and continually updating the mix of retail, commercial, industrial and residential properties around the country would provide long-term growth in value and rental returns. General Properties was also considering overseas investment opportunities, he said.
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Press, 20 February 1986, Page 26
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142Gen. Properties up Press, 20 February 1986, Page 26
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