R. MURRAY DIV. CUT

Press, Volume C, Issue 29691, 8 December 1961, Page 25

R. MURRAY DIV. CUT

Profit Falls 42 p.c. (N Z P .A .-Reuter) SYDNEY. Dec. 7. Reid Murray Holdings, Ltd.. ’ has reduced its ordinary dividend from 12J4 to 8 per cent, following a sharp fall in profit for the year. Consolidated net profit of the group fell £649,448—42 per cent.—to £895,892 for the 12 months ended August 31. This result was before providing for losses on sales of fixed assets amounting to £A40,276. Directors, in their annual report with the full accounts released today, said these losses arose principally from the disposal of various television service operations within the group. 214 Per cent. Since Formation Announcement of a final 3 per cent, dividend, payable on January 31, together with the interim 5 per cent, for the year, breaks the company’s record of 1214 per cent, annual dividend payments since formation. The 8 per cent, absorbs £745,530 of the year’s profit and an additional amount of £110,086 above this requirement has been added to shareholders’ funds, which, after other adjustments, now total £12,955,673. Overall retail turnover for the group fell from £32,521.746 in 1960 to £30,294,144 for the latest financial year. New Accounting Basis Notes with the accounts show that the basis on which income arising from term sales and rentals is brought to account was altered during the year. As a result, net profit was £518,623 greater than it would have been if the former basis had been continued. Directors say the restrictive financial measures announced last November had ■ a much greater effect than originally anticipated.