Landmark up 145% to $9M

Press, 27 November 1986, Page 25

Landmark up 145% to $9M

PA Wellington Landmark Corporation, Ltd, has lifted its half year profit by 145 per cent to $9,397,000 (last year $3,836,000) for the six months ended September 30.

Trading profit was $392,000 ($589,000) with the bulk of the gains coming from capital profits and exchange movements $8,954,000 ($3,317,000).

There were no extraordinaries (last year $70,000) and there was no tax. No property revaluations were included as these are not done at the half-year. No turnover figure was given.

Interim dividend will be 2.5 c a share to be paid on February 10.

The chairman, Sir

George Chapman, said the results did not include any contribution from investments in Investment Finance, Ltd, Fund of New Zealand, or Michael Clark Motors, Ltd.

There was no contribution from the joint venture with Chase, ChaseLandmark Investments, Ltd, as the major asset of this joint venture is undergoing substantial renovations.

Directors expected significant profit contributions from these investments in the second half of the year, he said. Sir George expects to significantly increase the final dividend for the year and is confident that the full year’s results will be at a record level.