Coronet NZ $2M loss

Press, 26 April 1988, Page 38

Coronet NZ $2M loss

H! . ' I I PA i I I -Wellington The investment company, Coronet i E qu'ities NZ.jLtd, has poster a] loss of almost $2 ■ mill on| for tlpeiyear ended March 31, after extraordina! ies of $5.3 million : slashed its profits. ' j ijhe company,] the [New Zealand ; investment vehicle of Australian entrepreneur, Mr jlan Joye. toosted its turnover for the year to sjl 1,043,239 from 5601,359 in the previous period.' [ Group profit beore tax increased to 54.784,140 (previous period 5379.217) and Coronet Equities paid $1,004,000 in I tax $106,337). ■ I After-tax profit I was 53,780,140 ($272,8,801 and minority interests' of >568,874 (nil) lined this figure to $1,349,014 ($272,880). j However, extn ordinaries of $6,345(036 ; (nil) iturned the profi into a loss of i I $1.996.022 ($272,880).; j • Directors idiif not re-

i ! U (commend al dividend. |-i 1 Liquid fundb and debts! at {March 31 totalled $6O) million and 5J:.2.57j millidn I respectively, directors saipi , I { j But. indebtedness had! been reduced by s2i : s 1 million since valance date, I: without refinancing. I I ! Shareholder’ funds and, minority interests, after h adjustment !fcr the .differ- 1 • ence between cost and : market price of securities) increased to 588.2 million ($32.7 millior) j ! : | binectors) also recorded : “for accounting purposes!. ) certain longer term equity j investments .). at, costj’ i showing tht market value . inj the notes) to the adcounts,. and not; through the profit! and loss account. i J '-J , Auditors agreed with the full disc osure indhle accounts, but {qualified their audit:report “as they are unable to quantify [f i there is a{ permanent i diii njinution in lvalue of the ! longer term investments 1 . the directors said. i