Intertasman down

Press, 18 June 1986, Page 36

Intertasman down

PA Wellington Intertasman New Zealand Group, Ltd said yesterday that it was moving back to basics and changing its name, on announcing a reduced trading profit of $32,137 ($530,931 the previous year) for the year ended March 31. After extraordinary losses of $249,018 ($349,539. gains) the company has reported a loss of $216,881 ($880,470 profit). Revenues for the year were Static at $10,107,433 ($10,748,845). A gross trading profit of $191,214 ($857,441) was reduced by abnormal items of $81,700 (nil) and provision for taxation of $77,377 ($326,510).

Minority interests added $4852 (took $4689) and equity profits added $7954 ($2380). The acting chairman of Intertasman, Mr lan Ward, said in a statement to the Stock Exchange that the restructuring of the company resulted from it now effectively having a new majority shareholder, with the acquisition by Cobex Corp, Ltd, of a main interest in Intertasman’s largest shareholder, Invesco Group, Ltd, earlier this year. The new board had conducted a “thorough and searching” review of all of the business activities of Intertasman, identified weaknesses in the existing operation, and charted the direction for growth, the

statement said. The extraordinary losses and abnormal items reflected the determination of the board to give the new management team a “clean slate” as they embarked on the restructuring and redirection of the company. The extraordinary losses were almost equally divided .between losses on share trading activities and the costs of restructuring the company. The directors are recommending payment of a dividend of 5c a share, in spite of the poor trading results of the past year, underlining their confidence that the company was poised for a period of steady growth.