$9.3m profit for 6 months
9 November, 2017, 12:00 am
VISION Investments Ltd (VIL) recorded a satisfactory performance after posting a net profit after tax of $9,327,056 compared with $9,260,928 achieved during the same period in 2016.
This was achieved on the back of total sales revenue recorded of $83,638,561 (2016 — $82,609,319).
The company released its unaudited operating results for the six-month period ended September 30, 2017 through a market announcement made through the South Pacific Stock Exchange yesterday.
VIL’s retained earnings as at September 30, 2017 grew by 69 per cent when compared with the retained earnings level achieved in 2016 and the group’s net assets as at the end of the period under review was $78.3 million compared with $70.6m recorded in 2016.
In its market announcement the company reported that its parent company’s retail division had shown good consistent growth in revenue and profitability while its automobile division also showed year on year growth in profitabilty.
This contributed to a strong performance by the parent company.
Meanwhile, the company said its PNG subsidiary Vision Homecentres Ltd experienced slow trading because of a subdued economy and the recent national elections and as a result incurred a trading loss, which was included in the group’s operating results for the period.
The company is of the general view that the PNG economy would rebound after the national elections and the start of large-scale construction and gas projects which would improve trading conditions.
The company also advised that current year operating results could not be directly compared with previous year’s results as shown because this had been prepared on a group basis and consolidates the operating results of the company’s PNG subsidiary.
In the light of the half-year operating results the directors had also declared a first interim dividend of $0.04 cents per ordinary share, amounting to a total dividend payment of $4,150,777, for the financial year ending March 31, 2018.