Monday 30th May 2011
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Mowbray Collectables has reported a $61,000 operating profit in what it describes as extremely challenging business conditions.
The company is not paying a dividend until it has some clarity about one of its investments in Australia.
The profit in the year to March 31 compared to a loss of $320,000 last year. The tax-paid loss of $39,000, compared to a $229,000 loss last year.
"The restructuring of the Australian activities, although costly, has been positive overall," the company said.
The company has previously expressed concern about the carrying value its 20% stake in Australian auction holding company First East Auction Holdings but today it said asset sales planned by First East may give it more comfort.
Until the situation was clearer directors had decided to postpone any declaration of a dividend.
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