Rank back in profit: maiden div.

Press, 13 April 1989, Page 24

Rank back in profit: maiden div.

PA Auckland The party and office equipment hirer, Rank Group, has bounced back into profit with a $1,077,176 bottom line result for its March 31 year derived from revenue of SI.SM. The previous result was a loss of $176,219. Tax-paid profit is almost 70 per cent of sales. Rank Group directors say the earnings equal 14c for each fully paid share and the result lifts net tangible asset backing for each share to 102 c. They have recommended a final dividend of 10c a share, a level they believe can be maintained. It is the first dividend pay-out for investors in the stock in its two-year life on the share market. Rank Group last traded at 28c a share, but its directors say its asset backing of 102 c a share post-dividend contains 100 c a share in either cash or secured loans. The company has total assets of $8,572,384 and shareholders’ funds of $7,708,047. Turnover totalled $1,547,900, compared with $2,937,618 in the 1988 March year. Pre-tax profit hit $1,162,669, compared with’a loss of $175,609.