Investment company Hellaby Holdings Ltd is signalling significantly improved earnings even though economic conditions in the sectors it operates in remain flat.The owner of Hannahs and Number One Shoes, automotive and packaging business told shareholders
Investment company Hellaby Holdings Ltd is signalling significantly improved earnings even though economic conditions in the sectors it operates in remain flat.
The owner of Hannahs and Number One Shoes, automotive and packaging business told shareholders at its annual meeting that its trading performance for the first quarter of the new financial year was ahead of the corresponding period last year.
Managing director John Williamson said group sales for the quarter ended September 30 were 2.4 percent ahead of the corresponding period last year.
Group earnings before interest, tax, depreciation and amortisation for the first quarter were $3.1 million ahead of last year. Group net profit after tax was $2.7 million ahead of last year.
"Our overriding observation is that economic conditions in all our sectors remain very flat. Nonetheless we believe that despite ongoing soft economic conditions Hellaby will achieve significantly improved earnings for the coming year," he said.
Group earnings before interest and tax rose 11.8 percent to $20.3m in the year to June 30, 2010 and group net profit after tax was $10.3m, up on the previous year's $0.7m.
