Wormaid loses $12M
PA Wellington Wormaid International N.Z. has announced a total loss of $12,356,000 for the year ended June 30- after a $16.8 million write-down of its holding in a Hong Kong subsidiary. The write-down came from the sale of 51 per cent of Wormaid Pacific of Hong Kong, and the retention of a further 24 per cent. The loss occurred after a trading profit of $4.47M ($3.47m loss previously.) The pre-tax profit rose 19.1 per cent to $7.6M ($6.4M) with the tax provision increasing $220,000 to $3,090,000. A second interim dividend of 4.5 c a share has been declared, giving a steady 9c a share (18 per cent), payable on September 29. Turnover rose 11.9 per cent to $107.5M (S96M). Wormaid International N.Z.’s shareholding in Wormaid Pacific was sold to Allied Overseas Investment of Hong Kong for S36M cash. The remaining holding was also subject to a guaranteed minimum sale price agreement exercisable in two years, Wormaid said. These - arrangements considerably reduced exposure to overseas markets and borrowings yet allowed a significant interest in the Hong Kong company.
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Press, 14 September 1988, Page 37
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180Wormaid loses $12M Press, 14 September 1988, Page 37
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