Baillie dips into assets
PA Wellington Asset sales pulled Baillie Farmers Motors. Ltd. result out of the red and into the black by $33,000 for the year ended December 31. The company had an after-tax loss of $545,000 (in the previous year a $152,000 profit), but this was offset by a $578,000 (nil) capital gain. Baillie’s trading loss of $738,000 ($204,000 profit) was reduced by a $213,000 tax credit ($52,000 bill). Turnover increased 4.8 per cent to $26,584,000 ($25,375,000). The directors said that the motor division of the company had been operating profitably since balance date. “Problems remain with the manufacturing division and every effort is being made to achieve profitability in this division as rapidly as possible," they said. Control of the motor company switched from Brierley Investments to private hands in late 1987.
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Press, 27 April 1989, Page 44
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135Baillie dips into assets Press, 27 April 1989, Page 44
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