Coles Report Buoyant Trade

Press, Volume CVI, Issue 31278, 26 January 1967, Page 15

Coles Report Buoyant Trade

(N.Z. Press Assn.—Copyright) SYDNEY, Jan. 24. Buoyant trading for G. J. Coles and Company, Ltd., during the Christinas period made a substantial contribution to increased sales and profits in the half year to December 31.

Announcing increased sales and profits in the interim report, directors also declared a steady interim dividend. They said group results for the six months have shown an increase over those for the same period of the previous year. Interim dividend is 4 per cent, suggesting a continuance of the well-established annual rate of 11 per cent. The company has paid interim 4 per cent dividends followed by final 7 per cent

distributions for several years. The report added: “Buoyant trading during the Christmas period made a substantial contribution to the result and directors are hopeful this return of confidence will continue through 1967.” In the full year to June 30, profit edged up from 8.24 m dollars to 8.26 m dollars, and earning rate from 16.7 to 16.8 per cent.

This year the company has an increased capital to be serviced by profits after the 1 for 5 premium issue made last year.

The new shares rank for dividend from January 1 this year so that average capital

for the period will rise by 10 per cent.

However, if the usual practice of paying a final 7 per cent dividend is continued increased dividend commitment will be greater than 10 per cent because of the form the dividend takes. The interim for the last half-year is to be paid on March 4 to shareholders registered on January 27.