Profit lift for Arthur Barnett

The retailer had an operating surplus after tax of $655,000 compared with $416,000 last year. The result allowed for $3 million of interest and $1.5 million of depreciation, but no tax was payable. Sales were $21.629 million compared with $22.935 million in 1999.

Arthur Barnett says its Christchurch store continues to improve sales but has yet to reach full potential, while sales in Balclutha and Dunedin were satisfactory and are expected to benefit from the improving rural economy.

The company says the Meridian shopping centre in Dunedin has well established quality tenants and there have been a number of discussions with potential investors for the sale of all or part of the centre, but no agreements have been made as yet.

The Directors have declared that a dividend will not be paid until current debt levels are reduced, either by selling part or all of the Meridian or through other avenues of debt reduction.

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