$209M deficit for Girvan

Press, 24 September 1988, Page 32

$209M deficit for Girvan

NZPA-AAP Sydney Construction and property development group Girvan Corp, saw a strong operating profit for the year to June 30 wiped out by extraordinary losses of sAust2l6.2lM (SNZ263M). Net operating profit for the period was sAust44.lsM (SNZS3M) achieved on sales revenue of sAust439.o3M (SNZS3SM) but the extraordinary loss put the group sAustl72.o6M (SNZ2O9M) into the red. Directors said Girvan had National Companies and Securities Commission approval to write off goodwill relating to the formation of the group. Girvan, which listed on the Australian Stock Exchange just one month before last October’s sharemarket crash, was formed through a reserve take-over of waste dis-

posal company Sift Securities, Ltd. Chairman and founder Mr Paul Peterson and other directors were unable to be reached to give further details about the write-off. Girvan said it was unable to pay a final dividend, after distributing an interim Aust2cps, but intended to make a special Aust2.sc payment in November. The group recently bid for building and engineering company NPL, but was beaten by a rival offer from Kalamazoo Holdings. Girvan’s recent contracts include an sAustlooM transport terminal at Liverpool, west of Sydney, development of a sAust6oM plaza in Sydney’s Chinatown and other central business district office block projects.