Angus beats previous net
Angus ; Group, the Auck-land-based construction and property group, more than doubled: its total profit in the six months to January 31. The (directors announced yesterday that the final profit was $3)441,000 in the latest six months, compared with $1,511,Q00 in the previous corresponding period. Angus Group took over its parent (company, Angus Corporation, ( and the corporation’s other subsidiaries, on August IL If these companies were included the previous comparative profit would have been $1,858,000, the directors!said. The (chief executive, Mr Lloyd (Ferris, said that the directors were satisfied with the result considering the; economy! had deteriorated in the period under review. . The group had substantially maintained its forward work load which now stood at $l9O million! I All but one subsidiary had traded I profitably and its loss was because of prolonged industrial action, he said. This | subsidiary was expected] to be back in profit for the twelve-month period. The i group was confident. Now that its balance sheet
had been strengthened by the acquisition of Angus Corporation it had a ratio of shareholders’ funds to total assets of 48 per cent. After writing off goodwill of $3.1 M, which was previously carried on the balance sheet, the shareholders' funds were now $56.1M, up $43.4M, including goodwill, from July 31.
The latest result, which was unaudited, did not include property revaluations or unrealised" development profits. Turnover rose 28.9 per cent to $75,738,000, and the pretax profit was ahead 20.1 per cent to $3,552,000. The! final profit was after providing $677,000 less for tax at $784,000. Minority interests added $15,000 ($3OOO deduction) and equity profits jumped from $27,000 to $930,000.
There was an extraordinary loss of $272,000 (nil) arising from unrealised losses on shares held in listed companies.
A steady interim dividend of 6.5 c a share (13 per cent) has been declared, payable on April 22. The bonus share investment scheme will apply.
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Press, 18 March 1988, Page 12
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317Angus beats previous net Press, 18 March 1988, Page 12
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