Akron revises
PA Wellington Akron Corporation, which specialises in financial services to the bloodstock industry, has revised its financial result downward for the year ended June 30.
The company reported to the Stock Exchange that over-all net profit had been amended from $1,436,000 to $1,260,000. The directors said the main differences from an earlier profit they reported were a $119,971 reduction for amor-
tisation on a bloodline licence run by Akron, a $59,235 provision for doubtful debts, and a $81,631 increase in unrealised exchange loss. The revised report showed turnover of $8,834,000, on which profit was $2,721,000. Tax took $1,749,000. There was an extraordinary addition of $288,000, arising from a reduction in Akron’s deferred tax liability to Australian taxation because of the Australian corporate tax rate last July 1.
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Press, 25 February 1989, Page 30
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129Akron revises Press, 25 February 1989, Page 30
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