Owens loss
Owens Investments incurred a total loss of $982,000 In the six months ended September 30, compared with a profit of $107,000 in the previous corresponding period. An extraordinary loss of $1,675,000 (nil previously) from restructuring and rationalisation costs, plus changes in tax rates affecting associate and overseas subsidiaries, wiped out a net trading profit of $693,000 ($107,000). In spite of the loss Owens has declared a second interim dividend of 3c a share, payable on February 22, ex dividend on February 6. Turnover fell 17.9 per cent to $182.2 million, and after expenses the pre-tax profit was 68.7% behind at $635,000. No income tax was payable ($845,000 credit). Minority interests took $lO,OOO ($402,000), and equity profits added $68,000 ($2.4M loss).
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Press, 17 December 1988, Page 28
Word Count
122Owens loss Press, 17 December 1988, Page 28
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