Marac Dividend 8% After Profit Jump
(New Zealand Press AssOcidtidn) AUCKLAND, May 8. Manufacturers and Retailers’ Acceptance Company, Ltd, Auckland financier, has lifted its dividend from 5 per cent to 8 per cent after a big jump in profit.
The audited net profit for the year to March 31 Was $224,338, the directors say in a preliminary statement. This was more than three times the $66,458 earned in the previous year. However, the latest result included a full year’s operations by Pacific Factors, Ltd. which was acquired in April lest yeer. In November, tee directors
announced that profit for the first six months of the yeer had been $89,357. The latest result represented an earning rate of 17.9 per cent on capital raised from $930,000 to $1,255,000 in the Pacific Factor* takeover. Last year, the earning rate was 7.1 per cent. The dividend is payable on June 26, ex Julie 12.
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Press, Volume CIX, Issue 31983, 9 May 1969, Page 6
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151Marac Dividend 8% After Profit Jump Press, Volume CIX, Issue 31983, 9 May 1969, Page 6
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