Argus profit well up

Press, 21 November 1987, Page 29

Argus profit well up

PA Wellington The Property developer, Argus Corporation, has reported a 226 per cent jump in after-tax profit of $4,152,000 ($1,835,000 previous year) for the year ended June 30. Directors intend to declare a dividend, but because of the take-over by Questar Corporation, no recommendation has been made. Shareholders who accepted the Questar offer would participate in the Questar dividend, directors said in a brief statement to the Stock Exchange. No turnover figure was given as directors said a significant proportion of the group’s earnings came from “property development and investment” which did not involve turnover in the “normal sense.”

Pre-tax profit of $4,569,000 was 230% up on last year’s $1,984,000.

Tax took $417,000 ($149,000) and extraordinaries of $4,666,000 (nil last year) delivered a bottom line of $8,818,000 ($1,835,000). Since balance, Mr Keith Goodall, Questar’s managing director, has been appointed a director to replace Mr Ken Wikeley, who resigned. The Argus annual report will be posted in the next few days and the annual meeting will be held on December 10.