Jarden Morg. $12M profit

Press, 12 July 1988, Page 25

Jarden Morg. $12M profit

Investment bank, Jarden Morgan, Ltd, has reported a profit, including extraordinaries, of $12,154,000 for the nine months ended March 31, 1988.

A balance date change means the previous corresponding period is not strictly comparable, but the result compares with a bottom line profit of $47,555,000 for the 12 months ended June 30, 1987. A final dividend of 2c a share will be paid on September 23 for the nine- month period.

The directors said this was equivalent to 5.33 c a share on an annual basis. The result does not include any contribution from Deak Morgan, Ltd, as the merger between the Australian broker and Jarden and Co, Ltd, was not declared unconditional until March 31, 1988.

Gross revenue was $44,154,000 for the nine months against

$60,768,000 for the previous year.

Pre-tax profit was $11,266,000 compared with $25,753,000 and tax took $901,000 against $5,966,000 leaving the after-tax result at $10,365,000 compared with $19,787,000. Minority interests removed $2,320,000 against last year’s $31,000, but equity accounting associated companies results added $753,000 against last year’s $520,000 loss from associated companies. Profit before extraordinaries was therefore down to $8,798,000 against $19,236,000.

Extraordinaries added $3,356,000 against $28,319,000 in the previous 12 months, leaving the bottom line at $12,154,000 against $47,555,000. The issued capital of the company at balance date was 140,204,542 ordinary shares of 1c each, which includes five million unlisted partly paid staff shares.