REX CONSOL DIV. 10 P.C.
Profit Down 9.6 p.c.
Rex Consolidated, Ltd, the Auckland manufacturing engineer and garment maker, has held its dividend rate at 11 per cent in spite of a drop of 9.6 per cent in group profit for the year to March 31. The profit fell $14,540 to $135,656 according to directors In a preliminary report. However, they point out that the result is still second only to the peak earnings of the previous year.
Provision The profit Is after providing $2119 more for depreciation at 872,749 while the tax provision to down by $22,438 to $119,892. The dividend has been maintained at the 11 per cent rate established three years ago with a final of 6 per cent payable on July 16, ex Julj 10.
Directors add that the dividend is covered 2.4 times by the latest profit. Sales Affected
As pointed out in the halfyearly report, they uy sales were adversely affected by a reduced demand for components from some industries which were particularly vulnerable to current economic conditions. Sales in other branches of the group have been maintained at satisfactory let els
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Press, Volume CVIII, Issue 31678, 14 May 1968, Page 20
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188REX CONSOL DIV. 10 P.C. Press, Volume CVIII, Issue 31678, 14 May 1968, Page 20
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