Kupe ‘core’ search

Press, 2 September 1986, Page 29

Kupe ‘core’ search

Kupe Investments, Ltd, will focus in the immediate future on acquiring a “significant core business,” says Mr Grahame Hamilton, in the company’s annual report. From this the company will derive cash flow “and a focus for its future growth,” he says. Kupe will continue as a major investor in both property and equity investments, and in line with its existing strategy expand its involvement in the ownership of strategic positions in major New Zealand public listed companies, Mr Hamilton adds.

In the current year, planning will continue for the group to expand its property and investment activities overseas.

“Implementation of this planning will not need to be undertaken until the board is convinced that the company has established a sound equity base from which it can develop.” Kupe Investments was formed early in April, 1986, by the merger of Kupe Petroleum No Liability and Grosvenor Properties, Ltd. With the Kupe Investments annual report is a

pro forma set of financial statements of the group at April 4. The accounts have been audited. Assets in the accounts are valued at: • Current value cost less disposal costs; or • Directors’ valuation, whichever is the lower. The report says all revalued properties are valued each year, by independent valuers, and the change in value is reported separately in the profit and loss account. At March 31, properties (including plant and equipment) are valued at $23,524,193, which is $5.6M up on the previous year.

As previously reported, profit was $3,090,296, compared with $2,569,071 the previous year. The net, after-tax consolidated (group) profit for the year was $839,000 (1985: $460,000) before increase in property values was taken into account. With the rise in property values it was $4,098,000 (1985: $3,604,000). Group shareholders’ funds at March 31 were $19,001,000, and Mr Hamilton points out capital has been increased by the introduction of S2IM in new capital in June and July.