Ajax-G.K.N. Profit Drops; Div. 8 p.c.
1 Ajax-G-K-N., Ltd, the Lower Hutt manufacturer of nuts, bolts and screws, suffered a $99,135, or 34 per cent, fall in profit to $190,433 in the year to March 31, directors say in a preliminary report.
However, they have recommended an 8 per cent dividend as forecast when the company floated 700,000 100 c shares at 132 c to the public in May last year. These shares are paid to half their nominal value and will receive half the 8 per cent dividend. The dividend will require $lBB,OOO and is just covered by the latest profit. Directors say that the reduced profit reflects the general downturn in the New Zealand economy. In November of last year,
directors said that sales for the half-year to September 30 were down on the same period the previous year.
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Press, Volume CVIII, Issue 31678, 14 May 1968, Page 20
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141Ajax-G.K.N. Profit Drops; Div. 8 p.c. Press, Volume CVIII, Issue 31678, 14 May 1968, Page 20
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