Harcourt in profit

Press, 1 December 1987, Page 50

Harcourt in profit

Harcourt Corporation, the Wellington-based real estate group, achieved an unaudited total profit of $1,191,000 in the six months to September 30. There were no comparable figures because the company was restructured before listing on December 8. The result included capital profits of $355,000 from the sale of assets. There were no equity earnings or property revaluations included. The directors said that the group’s offices were now almost 60, compared with half that number a year ago. Considerable costs associated with the expansion were written off. There had been corresponding growth in other fields of property services, and this expansion would increasingly confirm the group as a market leader. The directors said that they were confident that the company’s wider trading base would insulate it from any drop in the rate of profits in the second half. Turnover was $17,911,000 and after expenses the pretax profit was $1,432,000. Tax took $596,000. No dividend was declared, the chairman, Mr W. C. Young, stating that "times were a bit uncertain to proceed in that regard.”