Quill H. doubles profit

Press, 25 February 1987, Page 34

Quill H. doubles profit

Quill Humphreys, Ltd, the local liquor group now being acquired by Magnum Corporation, moor than doubled its profit for the six months ended December 31 to $1,472,400 (last year $668,000) the directors announced yesterday. It was after providing $1,359,100 for tax compared with $547,000 for the previous corresponding period, and was earned on substantially increased turnover, up from $22.5 million to $69.2 million. The directors said the result could be attributed to increased market share and to the outlets purchased from Hughes and Cossar, and from Dominion Breweries.

The trading period was buoyant, particularly before the July budget, preGST, and in December when sales were substantially ahead of projections.

They said that agreements for the sale of two Christchurch properties had been completed, and the profits would be included in the second half results.

Quills shareholders who accepted Magnum shares as their preferred option of sale will participate in Magnum’s announced interim dividend of 15 per cent, or 7.5 c an ordinary share, which is to be paid on April 21. They may elect to receive Magnum shares in lieu of dividends. • The directors are confident that Quills will have a satisfactory second half.