Modest Recovery In Pye Profit

Press, Volume CIX, Issue 31907, 7 February 1969, Page 14

Modest Recovery In Pye Profit

Pye Electronics, Ltd, Auckland, earned a net profit of $185,789 in the year to December 31, compared with $120,468 for the nine months before.

On an annual basis, this represents an increase if $25,165, or 15.7 per cent. The profit in the last full year (1966-67) was $415,504, before the change in balance date.

The directors have recommended a dividend of 6 per cent. Last year’s dividend was 4 per cent (on an annual basis 5 1/3 per cent) and (he dividend for the 1966-67 year was 10 per cent. The earning rate on capital rose from 5.6 per cent (also on an annual basis) to 6.5 per cent. The earning rate , in 1966-67 was 14.6 per cent. The profit was after $78,143 more for tax at 5180.822. and $22,847 more for depreciation at $200,687. The interim statement did not give any other figures. Last year the directors said that the major factor in the lower profit had been the difficult trading brought about by the measures to slow the economy. A little later the chairman

had been forecast, was at saturation point. Last year Mr Woolier also said that the company continued to expand in telecom-

munication and other nonIconsumer services, but that ■in the nature of this development profits could come only in the long term. The latest share prices for Pye were 55c in Auckland sales today. This is 2c above prices ruling before the announcement. At 53c the diviIdend yield was 5.0 per cent; iat a price level of 55c, and a 6 per cent dividend, the yield [is 5.5 per cent.

■ (Mr G. A. Woolier) announ- ( ced that the directors had j decided to withdraw from the , television rental field, and j instead to concentrate on exports, so as to counteract de- j dining sales in the home ( market. | The group maintained its :i market leadership, and was'li intent on maintaining it ini: the future. Mr Woolier said. < The television market, asji