Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

St Laurence Property & Finance

30 November 2005

St Laurence Property & Finance Produces $0.92 million half year surplus

St Laurence Property & Finance Limited (SLP&F) has announced a consolidated net surplus after tax of $0.92 million for the half year to 30 September 2005. This compares to the net surplus of $3.37 million for the previous half year.

Total group operating revenue for the half year was $20.2 million compared with $16.9 million for the previous half year. There were increases in interest income and rental income generated by the group, and gains of $1.9 million were also recognised on investments over the half year. Operating expenses were maintained in line with expectations; however a bad debt expense of $3.5 million was recognised for the half year.

"Our investments in Elrond Group Holdings Limited and the Lunn Avenue joint venture continue to perform strongly, contributing a total of $1.8 million of earnings to the group for the half year," said John Mallon, Chief Executive of SLP&F.

Total group assets increased by 14% over the half year, from $275 million as at 31 March 2005 to $314 million as at 30 September 2005.

Subsequent to 30 September 2005, SLP&F has conditionally sold its shareholding in Elrond Group Holdings Limited, the aged care investment, for a price of in excess of $16.5 million. The book value of the shareholding as at 30 September 2005 was $4.8 million.

"We expect the sale to go unconditional over the next 2 weeks and be settled during December 2005. The profit of approximately $11.7 million realised on a sale of the shareholding in Elrond Group Holdings Limited would be recognised in full year results to 31 March 2006."

The net surplus for the half year does not include any gains in the book values of the group's property portfolio. The properties held through the 12 property syndicate companies in which SLP&F is the majority shareholder were revalued as at 30 September 2005 for the purposes of an amalgamation proposal (involving 8 of the companies). The combined increase in valuations was $8.7 million. It is anticipated that these gains, along with any further gains on the properties directly owned by SLP&F would flow through to the full year results.

John Mallon said, "The group is on track to produce another satisfactory result for the full year, particularly with the profits we anticipate on the sale of our Elrond shareholding and any further gains from the group property portfolio. We expect the full year profit to exceed last year's net profit result of $18.06 million."

Since 30 September 2005, St Laurence Property & Finance has continued to be active in the market. It has recently announced the purchase of HP House in Auckland for $24.75 million and has also acquired a residential subdivision project in the Hunter Valley, NSW Australia for A$10.7 million.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>


OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>