Asset sales help European Pacific

Press, 27 April 1989, Page 42

Asset sales help European Pacific

Asset sales have helped European Pacific Investments SA lift its profit to $U513,501,414 ($NZ21,741,407) for the year ended December 31. The result compares with a $U54,055,000 ($NZ6,529,393) profit the previous year. The company has declared a dividend of NZBc a share, payable on August 11, and making a total of NZ24c a share for the year. The international banking and trust group, jointly owned by Brierley Investments, the Bank of

New Zealand, and Capital Markets, had a pre-tax profit of $U512,569,000 ($NZ20,240,528). This compared with the previous year’s $U52,662,000 ($NZ4,363,934) result. Turnover was $9B 5 1,0 9 7,0 0 0 ($NZ83,765,000), well ahead of the previous year’s $U524,310,000 ($NZ39,852,000). Tax was a $U5215,000 ($NZ352,000) credit. Minority interests took $U52,655,000 ($NZ4,352,000) while extraordinary items added $U52,033,000 ($NZ3j332,786).

The chairman, Mr David Richwhite, said the results reflected a successful sales programme carried out by the company last year. European Pacific sold its 74.5 per cent stake in Hong Kong-based Glynhill International and had reduced its interest in the Trust and Banking operations to 49 per cent after changes announced early in 1988 to New Zealand law governing the control of foreign companies by New Zealand residents.