General Properties profit doubled

Press, 12 June 1987, Page 22

General Properties profit doubled

General Properties Corporation, Ltd, the Auck-land-based property investment and development company, has reported a 228 per cent increase in net operating profit after tax for the six months ended April 30. This is a leap from $1,270,000 for the corresponding period last year to $4,171,000 this year. The unaudited result comprises profit before tax of $4,567,000 (1986,

$1,376,000), tax at $867,000 (1986, $277,000), leaving a profit after tax of $3,700,000 (1986, $1,099,000). The company’s share of associated companies’ retained profits amounted to $471,000 (1986, $171,000) resulting in the gross net profit for the period of $4,171,000 (1986, $1,270,000). This result does not include any unrealised development margins on retained investment properties nor any unrealised gains associated with the valuation of investment properties. An interim dividend of 5c a' share (10 per cent)

has been declared and will be paid on July 31 for all those holding shares on the company’s register at 5 p.m. on July 17. Commenting on the result, the managing director, Mr Bryce Barnett, said: “The result reflects the company’s resolve to place emphasis on cash profits rather than unrealised margins. Management’s performance in this regard is in line with the company’s strategies.” This half year has seen the announcement of the company’s involvement in substantial projects both here and overseas.