AIRWORK PAYS 3 p.c. INTERIM DIVIDEND

Press, Volume CIX, Issue 31902, 1 February 1969, Page 18

AIRWORK PAYS 3 p.c. INTERIM DIVIDEND

Airwork (New Zealand), Ltd, of Christchurch, will pay an interim dividend of 3 per cent because of an improvement in sales of aircraft as a result of more import licences being granted.

Announcing a profit before taxation for the six months to September 30 of $24,074 (compared with a loss of $12,044 in the same period in 1967), the managing director (Mr J. B. Brazier) said the directors expected profit to be down for the second halfyear. The value of import licences would be lower between October and March. The 3 per cent dividend was payable on both ordinary and preference shares yesterday. Last year’s economic recession affected farming ancillaries such as topdressing more than most other industries, so Airwork’s result must be considered excellent in the circumstances. Turnover for the six months

to September 30 was $306,355, an increase of $61,421 or 20.2 per cent on the six months to September 30, 1967. Mr Brazier said , engineering and agricultural activity was reasonably stable, and the improvement was seen in sales of aircraft and spare parts. The trading profit was up $28,631 to $33,580, whilf depreciation was down $7547 to $9500. No ordinary dividend was paid by Airwork lest year, when the company lost $8024.