Lon Pac profit
PA Wellington Thoroughbred stud ownerturned forestry investor, London Pacific, yesterday announced a $1,728,000 unaudited before-tax profit for the year ended March 31. That compares with a $3,857,000 profit the previous year.
London Pacific last year reverted to its former cashbox status by selling its interests in Clearwood Thoroughbred Stud and listed engineering company, Perry Dines Corp, for $5.6 million and SI.IBM respectively. . In December last year, New Zealand-incorporated holding company, Shelco Investments, took a 69.4 per
cent stake in London Pacific from interests linked to the Equiticorp group. . The new owners, two Singapore and Malaysianbased businessmen, immediately bought Hong Kongbased forestry investment firm Begin Link for $4.2M. Other forestry involvement included an agreement with Elders Resources NZFP announced last month to buy forestry, sawmilling and landholding investments on Matakana Island in the Bay of Plenty for $34.5M.
The sale had been approved by the Overseas Investment Commission, but had not yet been approved by the Forestry Ministry, the company
Preliminary result of London Pacific for year ended March 31 Turnover 1989 $000 3001 1988 $000 5365 Profit before tax 1728 4472 Income tax . — (615) Profit after tax. . 1728 3857 Extraordinary items. 296 (8423) Profit (loss) after extraordinary items 2024 . (4556)
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Press, 1 August 1989, Page 37
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203Lon Pac profit Press, 1 August 1989, Page 37
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