Dunbar funds fall

Press, 2 December 1987, Page 41

Dunbar funds fall

PA Wellington Dunbar Sloane and European Art, Ltd, has reported a tax-paid profit for the six months ended August 31 of $BB,OOO on a turnover of $378,000. But since balance date the company has lost a further $1.2 million on the sharemarket, mainly on shares in Judge Corp, the company secretary, Mr Arthur Young, said in a statement yesterday. Judge Corp owns 15 per cent of Dunbar Sloane.

There are no comparative results for the prior period as the company was only incorporated on August 7, 1986, and listed on October 21 last year.

Issue costs of $137,000 have been amortised in arriving at the net tax paid profit of $BB,OOO, Mr Young said in the statement.

Shareholders’ funds at August 31 were $13.4 million compared to $14.4 million at

February 28.

Shareholders’ funds dropped because of an increase in the deficit in the currency translation reserve of $1 million resulting from a strengthening New Zealand dollar.

It is not intended to repatriate funds to New Zealand, as they will be progressively invested in art as opportunities arise.

At November 30 the company had shareholders’ funds of $11,540,000 after writing off the balance of issue costs of $297,000 and valuing remaining sharemarket investments at market value.

This is before recognising any increase in the company’s art investments.

A market valuation is to be carried out in December to be incorporated in the annual accounts as at February 28 next year. An interim report will be sent to shareholders during December.