COMMERCIAL F. And T. Raises Dividend, Profit

Press, Volume CVIII, Issue 31775, 4 September 1968, Page 18

COMMERCIAL F. And T. Raises Dividend, Profit

F. and T. New Zealand, Ltd, formerly called Feltex New Zealand, Ltd, has increased its total dividend from 12j per cent to 13} per cent for the year to June 30, directors say in a preliminary report.

They say that the group profit rose $160,615, or 15.5 per cent, to $1,195,105 in the latest year, after allowing for minority interests.

This -latest result is better than was expected after the release of the interim report i in March. This said that pro- < fits and domestic sales for the half-year to December 31 had shown a decline. Directors then said that i

they regarded the results as satisfactory because devaluation had expanded export opportunities. When the company changed its name in June to correspond to the change in name of the Australian parent com-

pany, directors said that they were well pleased with the profit levels achieved. The company expected to increase its exports sales by more than 100 per cent in the latest year, especially in carpets. Dividend Policy Ignoring the 1965 year when the accounting period was 15 months, the increase in dividend is the first since 1959 although since then there has been a one-for-two bonus issue and shares issued in the take-over of other companies. In 1966-67, F. and T. issued 550,000 100 c shares in the take-over of Tattersfield and then issued 153,708 100 c shares to the parent company for cash. The recommended final dividend of 8f per cent, is payable after the annual meeting on November 26, ex November 9.