Bowen $15.7M loss
PA Wellington Bowen Corporation has reported a loss of $15.7 million after extraordinary items for the year ended March 31, reflecting the receivership of its Project Group subsidiaries on April 5. The company wrote off a further $14,440,000, representing investments in, and loans to, subsidiaries, unconsolidated reserves and future tax benefits no longer recognised. Bowen company secretary, Mr Gary Stone, said the figures excluded the un-
audited results of Project holding company, ' Project Group, and its subsidiary, Project Construction, both now in liquidation, and eight other Project companies, now in receivership. Australian property activities had a reasonable outlook, but Wellington-based subsidiary, Willeston Holdings, Ltd, continued to trade at substantially reduced levels due to a lack of capital, he said. The group’s future depended on the outcome of the receivership and liquidation of Project Group and its subsidiaries.
Bowen Corporation preliminary result for the year ended March 31 1989 $000 : 1988 $000 Turnover. . . . . 12,469 97,666 Profit (loss) before tax. . (1,299) 1,544 Income tax . 14 Profit (loss) after tax (1,299) 1,530 Extraordinary items (14,440) — Profit (loss) after extraordinaries .... (15,739) 1,530
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19890801.2.174.5
Bibliographic details
Press, 1 August 1989, Page 37
Word Count
181Bowen $15.7M loss Press, 1 August 1989, Page 37
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.