A.M.I. SMALL PROFIT

Press, Volume C, Issue 29696, 14 December 1961, Page 23

A.M.I. SMALL PROFIT

Improvement Since June Australian Motor Industries, Ltd., maker of Standard and Triumph vehicles, operated at a small profit for the four months ended October 31, the chairman, Mr S. W. Byrne, says in his annual review. This had been made possible only by the drastic write-down of stocks at June 30, he says. In view of prevailing conditions in the motor industry and the likelihood that these conditions would continue in the next few months, it was difficult to make an optimistic forecast about prospects. The company's future depended on improvement in economic conditions, which might be slow, and its ability to maintain satisfactory market penetration with its products. Feltex N.Z. Bid For B. L. Hart (N.Z. Press Association) WELLINGTON, Dec. 12. Directors of B. L. Hart and Company, Ltd., advise that an offer has been received from Felt and Textiles, New Zealand, Ltd., to acquire the issued shares capital of B. L. Hart by allotment of one ordinary share in Felt and Textiles for each two ordinary shares in B. L. Hart. Shareholders of B. L. Hart are being advised of full details of the offer which has been fully considered by the board and recommended by them for acceptance. Feltex Australia Helps Exports Felt and Textiles of Australia is exporting at the rate of about £3.25m annually, the chamnan (Mr R. J. Webster) said at the annual meeting. There was every indication that this rate would improve, he said. The company had opened offices in New York and Ger many to promote its overseas marketing, he added.