PYE CUTS DIVIDEND

Press, Volume CV, Issue 30971, 29 January 1966, Page 18

PYE CUTS DIVIDEND

Forecast Of 10 p.c.

(N.Z. Press Association)

AUCKLAND, Jan. 28.

Pye Electronics, Ltd., Auckland, intends paying a 10 per cent dividend for the year to March 31, if no unforeseen circumstances arise, says the chairman and managing director (Mr G. A. Woolier) in a circular to shareholders today. This year’s profit should be sufficient adequately to cover this dividend, he says. Last November, Pye passed its interim dividend because of the uncertainty in the television industry, even though adequate profits were earned in the first six months to cover such a dividend.

Total dividend last year was 15 per cent, made up of an interim of 5 per cent and a final of 10 per cent. “Shareholders will be pleased to learn that the television industry now appears to have emerged from many of the problems which beset it towards the end of 1965,” he says. “Important factors then were the national credit squeeze and the introduction of a minimum term deposit on television rental sets. “But now, the whole television market is much firmer, and has recovered more quickly to economic levels than would have been believed possible, even as recently as two months ago,” Mr Woolier says.