FAR has loss

Press, 13 December 1989, Page 42

FAR has loss

The total loss of $25,000 for Finance and Resources in the six months ended September 30 was the result of efforts to minimise costs, the directors told the Stock Exchange. The company, soon, to be known as Beef City Holdings, incurred a $4,547 million loss in the previous corresponding period. The directors were confident about the beef sector, and shareholders could expect a profitable time in this area with significant earnings and capital growth, they said. The company has set a closing date of December 20 for its name change to Beef City, and replacement share certificates will be sent to shareholders around December 22. Finance and Resources had also settled a conditional agreement for a share placement. Details will be made available on Monday once the appropriate documents had been signed. The proceeds from this placement would be used to assist the company build its meat plant in Masterton, the directors said. Shareholders’ funds fell $25,000 to $2.921M. There is a net current deficit of $539,000 ($2.9M previously). Finance and Resources unaudited result for six months ended September 30

$000 $000 Gross revenue 4 705 Abnormal items — (2000) Pre-tax loss (25) (2083) Taxation — Trading loss (25) (2083) Minorities — — Group net loss (25) (2083) Extraordinaries —— (2464) Total loss (25) (4547)