Kerry Packer's company makes $1.25b profit, pays no tax
Source: AAP | Published: Monday November 8 9:01:11 AM
Kerry Packer's private investment company Consolidated Press Holdings Ltd
(CPH) made a net profit of almost $1.25 billion in 1998/99 and paid no tax,
it was reported today.
The Australian Financial Review newspaper said CPH had undergone a
restructuring that generated windfall earnings and higher internal dividend
payments.
The newspaper said it had obtained the information from Australian
Securities and Investments Commission filings.
CPH in 1998/99 made a net profit of $1.249 billion, more than three times
higher than the $385.2 million it made in 1997/98, the report said.
CPH is the ultimate holding company for all of Packer's interests, which
includes investments in the FXF Trust, telecommunications group One.Tel,
funds manager Challenger International and the majority of ski resort
Perisher Blue.
It also holds Packer's 37 per cent stake in the $6 billion listed company
Publishing & Broadcasting Ltd.
CPH, the report said, paid Packer fully franked dividends of $80 million,
compared with $106.56 million the previous year.
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