Comnews MPH Sydney 1106/1/1
MPH - ASX Company Announcement
$msi2 THIS IS A PRIORITY ITEM
5 October 1999
Part 1/1
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MAGNA PACIFIC (HOLDINGS) LIMITED
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HOMEX - Brisbane
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Group Financial Update
In accordance with ASX listing rule 3.1 of keeping the market place informed of variations in profit (or loss) of 15% or more we are pleased to be able to inform shareholders that net profit
for the group has increased by in excess of 120% for the first quarter of the current financial year in comparison to previous corresponding period.
For the first quarter of the financial year ending June 2000, the Group's indicative unaudited management figures show that revenue has increased to AU$1,800,000 (previous corresponding
period AU$1,634,000), an increase exceeding 10%.
Unaudited management accounts indicate a net profit of $230,000 for the first quarter up from the previous corresponding period result of $104,000. This is an increase in excess of 120%.
The profit is also running 35% ahead of budget.
As predicted by your Directors the reasons for the increase in net profit are the synergies being exploited between its 100% owned subsidiaries, Magna Pacific Pty Ltd and Rocvale
Entertainment Pty Ltd. There are also further benefits to be exploited in the near future as Magna moves to duplicate all Rocvale's rental releases.
The increase through funds being available to purchase rights to higher quality produced movies that boast impressive casts by the subsidiaries have been widely accepted in the market place
by major outlets which has increased revenue and increased average prices per unit achieved by the Group.
Further to our release dated the 20th September 1999 funds on deposit with our bankers have increased from in excess of AU$3.5M to in excess of AU$4M which has been set aside for
mergers or acquisitions. Your Directors are reviewing investment opportunities in Europe and Australia.
Your Directors will keep shareholders fully informed of the Company's future progress.
A Radley
MANAGING DIRECTOR
ends - AAP
MPH - ASX Company Announcement
$msi2 THIS IS A PRIORITY ITEM
5 October 1999
Part 1/1
--------
MAGNA PACIFIC (HOLDINGS) LIMITED
--------------------------------
HOMEX - Brisbane
-------------------------
Group Financial Update
In accordance with ASX listing rule 3.1 of keeping the market place informed of variations in profit (or loss) of 15% or more we are pleased to be able to inform shareholders that net profit
for the group has increased by in excess of 120% for the first quarter of the current financial year in comparison to previous corresponding period.
For the first quarter of the financial year ending June 2000, the Group's indicative unaudited management figures show that revenue has increased to AU$1,800,000 (previous corresponding
period AU$1,634,000), an increase exceeding 10%.
Unaudited management accounts indicate a net profit of $230,000 for the first quarter up from the previous corresponding period result of $104,000. This is an increase in excess of 120%.
The profit is also running 35% ahead of budget.
As predicted by your Directors the reasons for the increase in net profit are the synergies being exploited between its 100% owned subsidiaries, Magna Pacific Pty Ltd and Rocvale
Entertainment Pty Ltd. There are also further benefits to be exploited in the near future as Magna moves to duplicate all Rocvale's rental releases.
The increase through funds being available to purchase rights to higher quality produced movies that boast impressive casts by the subsidiaries have been widely accepted in the market place
by major outlets which has increased revenue and increased average prices per unit achieved by the Group.
Further to our release dated the 20th September 1999 funds on deposit with our bankers have increased from in excess of AU$3.5M to in excess of AU$4M which has been set aside for
mergers or acquisitions. Your Directors are reviewing investment opportunities in Europe and Australia.
Your Directors will keep shareholders fully informed of the Company's future progress.
A Radley
MANAGING DIRECTOR
ends - AAP
