Australis blames depressed market
Announcing a loss of $3,574,000 ($3,090,000) for the year ended June 30, the directors of Australis International yesterday blamed the depressed New Zealand commercial property market for the poor result. Australis also suffered a $2,474,000 (nil) share of the retained loss in its associate, Empac Holdings, which lost $7,716,000 in the 10 months ended June 30. Australis recorded an extraordinary cost of $948,000 ($2,738,000), and the directors said extra-
ordinary items for the 10 months to June 30 reflected a provision for diminution in value of the value of long term assets. Australis was unsuccessfully launched by Charter Corporation as a currency
dealer and after a number of failed take-over bids, it ended up in the control of the Mancorp principals, Messrs Stewart Thwaites, Robert Virtue and Bruce Hurst, with links to Mancorp and Empac Holdings and diminishing reserves.
Australis International audited result for year ended June 30 Pre-tax loss Taxation 1989 ($000) (152) 1988 ($000) (352) Equity loss (2474) - Net loss (2626) (352) Extraordinaries (948) (2738) Total loss . . . (3574) (3090)
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Press, 2 November 1989, Page 42
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175Australis blames depressed market Press, 2 November 1989, Page 42
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