D.I.C. LIFT IN SALES

Press, Volume CVI, Issue 31206, 2 November 1966, Page 21

D.I.C. LIFT IN SALES

Costs Need Attention (N.Z. Press Association) DUNEDIN, Nov. 1. Increased sales for the first three months of the present trading year are reported by the D.I.C. chairman (Sir Leonard Wright) in an address to be given to shareholders at the annual meeting. “Business has been buoyant but it is also fair comment that we are faced with increasing costs of wages, goods, transport charges, etc. These can only be absorbed by increased sales, care and close attention to efficient management and costs,” said Sir Leonard Wright. Record Sales As announced previously the company had record sales and profit for the year to July 31. The ordinary dividend for the year will be at the rate of 9 1-6 per cent instead of 8 1-3 per cent pre viously. With a sales Increase of £176,494 turn-over was up to £4,060,000 while gross profit went from £1,215,417 to £1,269,325. Total dividend requirement is £86,334 (£79,667) and includes £750 (£500) allocated to worthy appeals. Profits retained have risen from £28,881 to £38,714 lifting the total of unappropriated profits to £252,679 (£214.680). Shareholders’ funds have risen from £1,987,247 to £2,022,013 while the earning rate has gone from 5.42 per cent to 6.18 per cent.

Farmers' Finance.— Directors of Farmers’ Finance. Ltd., have declared an interim dividend of 4 per cent payable on November 1. Books will not close. Shares will be ex dividend November I.—(P.A.)