Pacer up 337% to $11.8M

Press, 27 June 1987, Page 24

Pacer up 337% to $11.8M

PA Wellington Pacer Pacific Corp, Ltd, boosted bottom line profit 337 per cent to $11,852,000 in the year ended March 31 ($3,501,000 the previous year).

That was after extraordinary losses of $313,000 ($149,000) which reduced a tax-paid trading profit of $12,165,000 ($3,650,000).

Pacer Pacific’s directors yesterday recommended a final dividend on the ordinary shares of 5c each (10 per cent), providing a total dividend of 27.1 per cent for the year. The dividend

on the redeemable preference shares is 10c each (10 per cent).

The dividends are payable on September 2 and the shares will go ex on August 26. The company’s turnover was $13,690,000. Profit before tax was $12,580,000 ($3,650,000) and tax provision .was $415,000 (nil). The said the bottom line result represented a return of 360 per cent a year on average capital. In the year, shareholders’ funds increased to $58,570,000, from $45,238,000 at the previ-

ous balance date, .while total assets increased to $88,110,909, from $24,921,000. The ordinary issued capital was reduced to $3,000,000, from $3,550,000. The chairman, Mr David Phillips, said Pacer Pacific was well placed for continued growth from its diversified investment base in several growth-oriented industries.

In the latest year, the company’s management had put effort into the public float of Main Corp, Ltd, and the recent acquisition of a 50 per cent holding in Kerridge Odeon Group, Ltd, Mr

Phillips said.

The bottom line result now reported could be compared with the $660,000 profit projected at the time of the float of National Bloodstock Ltd, which became Pacer Pacific, in August, 1983.

The result was also well above the $7,000,000 forecast in the company’s 1986 annual review. ■ ' ' Pacer Pacific’s annual shareholders’ meeting will be held at a new conference centre on Pakatoa Island, in the Hauraki Gulf. The island is fully owned by Kerridge Odeon.