Countrywide up 51%

Press, 24 February 1988, Page 37

Countrywide up 51%

PA Wellington Countrywide Banking Corporation has reported an increase in unaudited interim gross profit of 51 per cent to $7.7 million for the six months ended December 31, compared with $5.1 million for the corresponding period last year.

After providing for taxation of $2.3 million (last year, nil), profit after tax for the period was $5.4 million. There were no extraordinary items.

As announced before listing no interim dividend is recommended but the directors anticipate a final dividend of 3.5 c a share will be paid in October, 1988, for the year ending June 30, 1988, managing director Peter Martin said. The result had been achieved during a period of major change for Countrywide and at a time of unease in the economy. "Countrywide’s assets have not been materially affected by the October sharemarket crash,” he

said. “The only equity investments held in the Countrywide group are in Countrywide Life funds where equity investments have been written down by $120,000 to current market value.” At December 31 total market value of investments in equities was $77,000 or 0.01 per cent of total assets. Total assets for Countrywide stand at $754.7 million — an increase of $90.1 million on total assets at June 30, 1987.