Ind. Chem. Raises Div.

Press, Volume CIX, Issue 31984, 10 May 1969, Page 22

Ind. Chem. Raises Div.

(New Zealand Preu Association)

AUCKLAND, May 9.

Industrial Chemicals (N.Z.), Ltd, of Auckland, has raised its dividend from 10 per cent to 121 per cent on the strength of a jump of 35 per cent in its profit for the year to March 31. The company, which makes adhesives, disinfectants, polishes, cosmetics and other chemical products, raised its net profit by $16,524 to a record $63,787.

. The directors said in a preliminary announcement that sales were up $133,653, or 14.3 per cent, to $1,069,382. This is the first time in the company’s history that turnover exceeded $1 million. Last year the earnings eased 8.3 per cent A one-for-eight bonus issue was made in December and the directors forecast then that the 10 per cent dividend would .be maintained. The bonks'shares' rank fqr fourtwelfths of the 121 p* recnt dividend. The latest result represents an earning rate of 25.5 per eent on average capital ranking for dividend. The fate on the present increased capital •f $270,000 was 23.6 per cent compared With 17.5 per cent last year after the adjustment for the bonus issue. Difference £lOO The chairman of 'Associated British Cables, Ltd, (Mr A. T. Young) told the company’s annual meeting that the fictitious copper price to which cable prices were pegged was more than £lOO below the current cost This statement was reported yesterday with the incorrect differential of $lOO. Mr D. V. Brebner has been appointed to the board of directors of Lockwood Buildings, Ltd. His new position is marketing director. Mr M> B. McCallum has been appointed secretary.