W. Davies up 41 p.c.
PA Wellington A lower tax bill enabled construction group Wilkins and Davies to lift after taxprofit 41 per cent to $3,192,000 ($2,255,000) in the six months ended September 30.
But poor results from associated companies, and extraordinary items, pulled the bottom line profit down to $2,154,000 ($2,282,000). The company will pay an interim dividend of 6c a share (same). Turnover for the periotj was $78,902,000 ($61,528,000). This produced a profit before tax of $4,257,000 ($4,508,000). Tax took $3,192,000 ($2,255,000). The share of associated companies retained profits was, in fact, a loss of $397,000 ($44,000 loss), and there was a further deduction of $716,000 ($59,000 credit) for
unspecified extraordinary items.
Announcing the results yesterday, chairman Mr Laurie Southwick, QC, said the company had increased its work on hand by 15 per cent during the period with significant increases since.
Several multi-level buildings had been completed and handed over during the latest six month period, Mr Southwick said. These included three projects for Chase Corp, a new High Commission for Malaysia in Wellington, and D. L. Guthrie House in Auckland, which was developed and built for Westpac Investment Management. Work on hand includes two marina projects that will reach significant milestones this year. The Pine Harbour Marina will be flooded on November 22 and the Gulf
Harbour Marina will receive its first boats during the first week of December. Other marinas progressing include a second marina in Queensland. The company’s first Australian marina was officially opened at Townsville in September. Work will start on November 24 on the contract to build the Waterloo transport interchange in the Hutt Valley. Mr Southwick said that other construction work was continuing in Auckland, Wellington and Christchurch, and the company had more than 12 months work on hand. Since October 1 the company had operated- an investment division to maximise income from its property holdings and projects including Gulf Harbour, Pine Harbour, The Nugget Point Club, Westpark Marina and SaudiWilkins and Davies.
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Press, 20 November 1987, Page 23
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331W. Davies up 41 p.c. Press, 20 November 1987, Page 23
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