Top Glory directors take home $11.7m

PUBLISHED : Tuesday, 05 September, 1995, 12:00am
UPDATED : Tuesday, 05 September, 1995, 12:00am
 

DIRECTORS at Top Glory took emoluments of $11.73 million despite losses at the operating profit level.


Attributable profit was up 59 per cent to $579.35 million after the booking of exceptional items of $646.36 million.


The company made $600.6 million on the disposal of the World Trade Centre Group, a deal made on March 2, 1993, before Rovtec, backed by China National Cereals, Oils and Foodstuffs Import and Export Corp, took a big stake in Top Glory.


A second exceptional was shown as a $54.9 million gain on the disposal of an associated company, and a third was a $9.15 million exchange loss.


Operating losses grew further in the year to March 31, from $30.5 million to $35.88 million.


Under the emoluments $1.45 million was paid in fees, $10.2 million was paid in salaries and other benefits and $26,000 was paid towards retirement benefits.


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