ELECTRONIC IND.
Interim Div. Reduced Electronic Industries, Ltd., Melbourne, electrical goods manufacturer and retailer, has reduced its interim dividend from 6} to 5 per cent after lower profit in the December half-year. Group net profit for the half-year at £328,812 is £94,289, or 22.3 per cent, lower than for the previous corresponding period. Profit is after higher tax at £108,146 (up £23,079). The company has paid 12J per cent dividends for 15 years. Not Covered Profits have not covered the ordinary and preference dividend requirements for the last three years. Dividends for the latest half-year absorb £296,613 (previous £323,868), or £32,200 less than the profit. Directors say in the interim report that the interim has been reduced to leave a margin between dividends and profit. The chairman, Sir Arthur Warner, told the annual meeting last November that “there had to be some limit” to the extent reserves could be used to pay dividends.
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Press, Volume CIII, Issue 30399, 25 March 1964, Page 25
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153ELECTRONIC IND. Press, Volume CIII, Issue 30399, 25 March 1964, Page 25
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