Rex Con. Pays 12%

Press, Volume CIX, Issue 31982, 8 May 1969, Page 18

Rex Con. Pays 12%

(New Zealand Press Association)

AUCKLAND, May 7.

Rex Consolidated, Ltd, the Auckland manufacturer of metal and plastic products and clothing, has raised its dividend from 11 per cent to 12 per cent after earning a record profit in the year to March 31.

The group net profit rose< about 16 per cent to more than $157,000, the directors ilifiedjthe players who app at least ?zi,a»4 on tue previous year. The company’s previous highest profit was $150,196 in 1967. The latest result was after providing about $10,250 more for depreciation at $83,000, and about $12,000 more for tax at $132,000. The figures are subject to audit

i All subsidiaries traded, profitably, the directors said, land group sales were at. a a the inter-island mate zb.z per cent on jnu'en higher average capital, compared with 26.2 per cent last year. The higher final dividend of 7 per cant is payable on capital which was increased by $92,700 to $609,980 by the conversion of the convertible notes last November. Since the balance date, capital has been increased to $700,000 in the take-over of John Edward Butler (N.Z.), Ltd, an Auckland manufacturer and importer of safety belts, industrial webbings, saddlery and ' leather goods. The total dividend requirement for the year is $66,708. The Rex group was incorporated in its present form in 1961. It paid 8 per cent in 1962, 9 per cent >n 1963, 10 per cent in 1964, and 11 per cent in 1965 to 1968.

IThe final payout is payable on July 15, ex dividend July *r-y., c . B Means, onng count, :h. HejE. Smith (Taranaki), I. A. Marlb. Lucerne Results Good The financial results of Marlborough Lucerne Meal Company, Ltd, in the six months to February 28 have been well maintained, says the chairman (Mr A. G. Wicks) in an interim report. Trading in New Zealand and, overseas shows an increase over the same period last year. The interim dividend will be 5 per cent (last year 3 and 7 per cent), payable June 3; ex dividend May 29.

Directors For Wattie Board

The following additional directors have been appointed to the board of J. Wattie Canneries, Ltd:—’Messrs C. J. McFadden, J. G. Dunstan (both of Christchurch), J. M. Elliffe, A. E. Hayman, and J. R. Cropper (all of Auckland). This brings the number of directors to 14.