Profits of $8.84m for Holian in turnaround

PUBLISHED : Friday, 24 September, 1993, 12:00am
UPDATED : Friday, 24 September, 1993, 12:00am

HOLIAN Investments has turned around to make a profit of $8.84 million for the year to April 30, against the previous loss of $21.92 million.

Earnings per share were 2.32 cents, against the previous year's loss per share of 6.72 cents.

The directors did not recommend a final dividend, and no interim dividend was paid during the year.

Turnover plunged 65 per cent to $181.74 million, against the previous $519.65 million.

After an extraordinary loss of $72.54 million, loss attributable to shareholders was $63.70 million, a 34 per cent drop on the previous year's loss of $96.75 million.

A $44.9 million provision for interests in unconsolidated subsidiaries, and a $20.07 million loss on the sale of shares in certain subsidiaries, account for most of the extraordinary loss.

Other extraordinary items include $12.14 million goodwill on consolidation of subsidiaries and acquisition of an associated company written off, and a $5.47 million loss related to the discontinuance of certain subsidiary operations.

There was an extraordinary gain of $10.05 million from interests in an associated company written back on its sale.

''During the year under review much of the time and effort had been devoted to the rationalisation of the activities of the group,'' said a company statement issued last night.

After the rationalisation, the principal activities of the group consist of the manufacturing operations of wholly owned subsidiary Barney Hong Kong and of 50 per cent owned associate Advance Thermo Control (ATC).