1986 profitable Gen Prop year

Press, 3 February 1987, Page 20

1986 profitable Gen Prop year

PA Wellington General Properties Corp, Ltd, achieved a surplus for the year ended

October 31, 1986, of $12,176,000, representing a 151 per cent increase over last year’s result of $5,068,000, the annual report says.

The surplus includes net operating profit after tax of $1.7 million ($1.3 million), development margins on retained properties of $3.4 million ($415,000), unrealised increase in property values of $6.7 million ($2.7 million), equity accounted operating profits of associated companies of $460,000 (nil), and extraordinary items of $271,000 ($551,000). During the year Rada Corp, Ltd, and its subsidiary Prorada Properties, Ltd, acquired 26 per cent of the capital and Mr G. R. Wheeler, the managing director of Rada Corp, joined the board. In October, 1986, General Properties bought 36 per cent of listed investment company Clypex Resources, Ltd, funded by a scrip issue of ordinary shares.

Clypex Resources has reported an unaudited after-tax profit of $1,926,000 for the half year ended September, 1986.

No profit from Clypex Resources has been accounted for in the result. A quarter of the property portfolio is in hotels and 39 per cent in office buildings. Auckland and Wellington dominate a regional analysis of the portfolio with 70 per cent of properties being in those two areas.