Areco in the black
PA Wellington Areco Corp N 1 (formerly Petro Taranaki) included extraordinary items worth $214,000 (last year nil) to arrive at a profit for the the year ended in June of $218,000 ($714,000) loss. Areco’s operating profit was $4OOO (a $714,000 loss). The company began the year as an oil and gas explorer and ended it as a property development company. The directors, in a statement to the Stock Exchange, said Areco was able to trade at a breakeven level while taking into account the write-off of the remaining value of its prospecting licences. Areco had been "relatively inactive” during the year until the new direction was identified and approved by the shareholders. No dividend was recommended.
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Press, 4 November 1986, Page 23
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120Areco in the black Press, 4 November 1986, Page 23
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