W. Neill Aust, profit falls

Press, 28 September 1988, Page 44

W. Neill Aust, profit falls

NZPA-AAP Sydney Losses through the sale of its food division saw Wilson Neill Australia post a 23.6 per cent fall in net profit to sAust2.27 million (SNZ2.9IM) for the year ended June 30. The result compared to sAust2.97M for the previous year and was struck on a 28 per cent increase in turnover to sAustsl.BBM from sAust4o.s6M. Directors said the result was satisfactory in view of the significant change in direction for the company, which was now concentrating on liquor operations. They said virtually all the profit came from the Queensland hotel division, despite the adverse effects on that business by industrial unrest in the coal industry. After a sAustl.s6M profit for the first six months, second half earnings plunged 60 per cent to sAust7o9,ooo from sAustl.7sM with the sale of the food businesses. Since June 30, Wilson Neill has acquired Tasmanian-based Cascade Brewery Co., Ltd. It now plans to change its name to Cascade Group. WNA directors said they were very pleased with the take-over which would significantly boost earnings per share for the current year. The result was achieved on a higher tax bill of sAustl.39M against sAustBll,ooo for 1987, depreciation and amortisation totalling sAustl.lBM and sAustss6,ooo in interest. They recommended a fully-franked final dividend of 1.75 c a share, bringing the total dividend to 3c a share. This compared with 2.5 c for the previous year.