Offshore Chase hopes

Press, 30 July 1986, Page 41

Offshore Chase hopes

PA Auckland Chase Corporation, Ltd, says it expects investments outside New Zealand to provide at least half its net earnings within two years. The chairman, Mr Colin Reynolds, says in the annual report that Chase has taken up the challenge provided by deregulation to invest offshore and will strive to return substantial profits to New Zealand shareholders from that source. Managing director, Mr Peter Francis, echoes the forecast, saying the directors believe Britain and the United States will provide Chase with its profits of the future. As reported, net earnings of Chase in the year ended March 31 were $50,125,000, about six times ahead of 1985 earnings. Mr Reynolds says that in the longer term it will be difficult to maintain the mathematical progression of that growth, but prospects for the next two or three years are satisfactory. At balance date, more than $260 million was invested in listed securities, with only $4.4 million reported as equity earnings for the year. Mr Reynolds says income from investments is forecast to increase substantially in the present year. Chase expects its shares to be listed on the London Stock Exchange early next year. This will be followed by a listing in New York in early 1988.