Investor Relations
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20th Aug 1999

NZ Subsidary Results for the Half Year ended 30 June 1999

Wilson & Horton Holdings Limited ("WHH") today announced an unaudited profit of $18.9 million before tax and exceptional items for the six months ended June 30, 1999 which was 46% ahead of previous year's results of $12.9 million.

Exceptional items include a foreign exchange gain of $160.2 million on borrowings which more than offsets the foreign exchange loss of $114.6 million recorded last year.

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“Independent News & Media has always understood that beyond being a very successful company in the financial sense, it has broader social responsibilities to all those communities where it operates. This is demonstrated by over 200 projects and charities which the company has underwritten and supported and can be seen from the work that INM has done in education, particularly the work they’ve done in health education in South Africa in relation to HIV and AIDS.”

Baroness Margaret Jay, Non-Executive Director
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