Excell reports $164,000 deficit

Press, 29 July 1989, Page 23

Excell reports $164,000 deficit

PA Wellington Excell Corp yesterday reported deficit from operations for the year ended March 31 of $164,000. This compares with an operations deficit for the previous year of $755,000, although extraordinary items and revaluation of the company’s properties resulted in an over-all surplus for that period of $271,000. The improvement in the operational result reflects a significant reduction in the company’s overheads together with savings in interest costs, the corporation directors said. The result reflects the continuing depressed state of the property market and, although considered inadequate, the directors said they were pleased that their efforts to improve the company’s efficiency had resulted in substantial cost savings. This trend was being continued during the current year. The company would continue to hold and develop its existing property portfolio, but would realise on those properties where opportunities were identified to improve its capital and earnings base. No dividend was recommended for the year.