Joyce profit up 14pc

JOYCE Corporation has recorded an after tax profit of $2.35 million for 2003-04, an increase of nearly 14 per cent on the previous year.

The net asset backing of Joyce’s shares is 74 cents a share. This excludes the increase in property values on a sale and leaseback basis of 21 cents a share and a future tax benefit valued at 15 cents a share.

The company says neither have been recognised in the balance sheet.

Joyce has declared a final unfranked dividend of 2.5 cents a share. This brings its total dividend payment to five cents a share unfranked.