Paynter arm 49 p.c. ahead

Press, 20 October 1987, Page 26

Paynter arm 49 p.c. ahead

Healthy growth has been achieved in the year ending June 30, 1987, by the Australian property developer Condux Corporation, in which the Christchurch - based, Paynter Corporation is a 49 per cent shareholder. In a restructuring, the holding company of the original group changed its name to Conduco, which in its new role as an investment company retains the other 51 per cent interest The funds available from Paynter, coupled with a 24 per cent higher before-tax profit of $Au5t3,811,629, and long established associations with the Commonwealth Bank laid the solid foundation for an extremely profitable year to June, 1988, says Paynter Corporation. Group turnover of

$43,674,461 includes $22,031,439 derived from operations, $21,128,901 advances from development and $514,121 other income. Taxation took $1,592,520, and the operating profit attributable to members was $2,219,109. The chairman of Condux, Mr Robert Metcalfe, said the current portfolio of development projects and committed work of project management commissions has launched the company into a larger scale of activity and profitability. Condux has development projects worth $177.6M. Paynter Corporation is represented on the Condux board of its executive chairman, Mr Richard Paynter, and Mr Robin Hughes.