6 per cent growth in company’s net assets

ONE of the fastest growing companies listed on the South Pacific Stock Exchange has achieved a 6 per cent growth of their net assets as per its audited financial statements for the year ending December 31, 2017.

Pleass Global Ltd managing director Warwick Pleass said the company’s statement of financial position showed a stronger position of $8.7 million net assets compared with $8.2m in the same period last year.

Meanwhile the company recorded a revenue of $11,528,859 last year which was 3 per cent higher than the previous year.

In an announcement through the SPSE yesterday, Mr Pleass said “the result was satisfactory given the challenges the company faced in the factory and offices completion, relocation, commissioning of the new production lines, and necessary training and development of our people.

“The company is now well positioned to take advantage of it’s new position and 2018’s many opportunities.”

Meanwhile profit after income tax for the company stood at $735,337, which was a decrease of 22 per cent on 2016 profit.

Mr Pleass said the 2016 profit included $54,443 revaluation gain.

He said PBP earnings per share stood at 11 cents compared with 16 cents in 2016 and the company board resolved to recommend to the shareholders at the upcoming annual general meeting a final dividend of $0.02 cents per share for the year ending December 31, 2017 this is in addition to the interim dividend of $0.02 per share, announced in November 2017.

The total dividend for the 2017 year would then be $0.04 per share.

The company moved into its newly built facility in Namosi late last year.