Tulloch Lodge shows three-month profit

Press, 24 September 1987, Page 42

Tulloch Lodge shows three-month profit

NZPA-AAP Sydney Australia’s first publicly listed horse training business, Tommy Smith’s Tulloch Lodge, Ltd, has announced a profit of $230,000 for their first three months of trading. Chairman of Tulloch Lodge, Jim Beatty, announced the result at the company’s pre-training and agistment property at Woodburn, Cootamundra in south-western New South Wales. Smith, winner of 33 successive Sydney trainer’s premierships until his defeat by Brian MayfieldSmith two years ago, floated his company in February. Six million dollars of the $l5 million public subscription was spent at this year’s yearling sales in Sydney, Melbourne, Adelaide, Gold Coast and New Zealand. The company faces its first test on the racetrack

next Saturday when their boom colt He’s a Smoothie, a son of first season sire Salieri, contests Sydney’s first two-year-old race of the season, the $50,000 Breeder’s Plate (1000 m at Randwick. “Of the $l5 million that we had to spend we spent $6 million buying shares, ranging from one third to

100 per cent, in 75 yearlings," said Beatty. “Part of the remaining $9 million was used to buy the Woodburn property, while Use rest has been invested, wisely. “It will be another two or three years before the full impact of the company’s policy of yearling sale purchases will be felt"