Hellaby profit drops

The company says a lower level of transactional profits is to blame, falling from $4.8 million last year to $1.8 million.

However the group says its focus on improving core earnings resulted in the group's net operating surplus before interest and depreciation increasing from $18.8 million last year to $21.6 million this year, with the pre-tax trading surplus also up from $12.7million to $13.6 million.

Hellaby's has interests in a diversified group of companies in such industries as textile, apparel, automotive and engineering, including a share of the Hannah's footwear chain, and its more recent holding in New Zealand Wool Services.

The company says earnings increased in all divisions with the exception of companies involved in the sale of capital plant and equipment. It says there was significantly improved contributions from the group's retailing, automotive and wool interests.

A 7-cents per share fully imputed dividend has been declared.

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