Corporate Inv. $6M profit

Press, 24 July 1986, Page 28

Corporate Inv. $6M profit

PA Wellington Corporate Investments, Ltd, yesterday reported an equity accounted profit of $6,012,000 for the year ended March 31, exceeding a forecast $3.5 million profit by nearly 72 per cent.

Turnover was $110,149,000, compared with $41,925,000 for the four month period which followed the company’s incorporation in November 1984. Profit after tax was $5,824,000 ($878,000 for the four months) and share of associated companies’ retained earnings was $lBB,OOO (nil). The company did not indicate its pre-tax profit or tax provision in its statement to the Stock Exchange. The directors declared a dividend of 3.75 c a share. Under the company’s share investment plan, bonus shares in lieu of dividend will be Issued

at 90 per cent of market price. The chairman, Mr P. H. Masfen, said the profit includes equity accounted profit from OHL Corporation Ltd.

The group’s assets at March 31, exceeded $lOO million, an increase of 380 per cent on the gross assets at March 31, 1985. “The group’s significant investment in well managed trading subsidiaries will form the basis of profit and cash flow for future growth,” he said.

Since balance date the company’s Australian listed subsidiary, White River Corporation, Ltd, has bought a suburban shopping complex in Sydney for redevelopment at a cost of about sAustl4 million.

The purchase was White River’s first initiative in property and investment in Australia, Mr Masfen said.

As reported, the company’s, balance date has been changed from March 31 to June 30 and the annual report will cover the 15 months to June 30.