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Chow Group posts profit of $8m

NZ NewswireNZ Newswire 16/06/2016 Edwin Mitson

The Chow Group, the NZAX-listed vehicle controlled by John and Michael Chow, has posted an unaudited profit after tax of $8 million in its first year as a listed company.

The property investor completed a reverse listing by taking over RIS Group in February this year.

The majority of its profit was delivered through a change in fair value of investment property, which delivered a gain of $8.35m. Revenue was $1.07m.

Almost all of the revenue was derived from receipts from customers, although the company did receive some interest and dividends. The accounts were prepared using reverse acquisition accounting rules.

The loss on acquisition of $403,016 and takeover costs of $495,200 have been written off. The balance date of the company is being altered to March 31 from June 30, to coincide with a trading subsidiary, 16 Park Avenue Limited.

"A maiden profit of $8,051,768 is a tremendous start for the group. We are proud of what we have achieved to date and we are working hard to find ways to further increase shareholder value," chairman John Chow said.

Its annual report is due to be released this week and an annual meeting of shareholders will be held in August.

Shares in the Chow Group are currently trading at 5 cents, an increase of 2 per cent.

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