K.P.G. Determined To Speed Progress

Press, Volume CIX, Issue 32120, 16 October 1969, Page 16

K.P.G. Determined To Speed Progress

Orders for the first half of the year are higher than those last year, and sales for the first two months show an increase of 15 per cent, says the chairman of the Kaiapoi Petone Group Textiles, Ltd (Mr J. D. Gardiner), in the annual report.

“Production of all divisions is appreciably higher and further increases are planned to cover indent business for next winter, in respect of which orders now in hand are well in excess of last year’s figures.” Mr Gardiner says. “Export business has been developed in both wool tops and manufactured goods, to the extent of available production capacity." As already reported the company recovered in the year to July 19, with a small profit of $49,704 compared with the previous year's loss of $15,425. The result was after providing $51,121 less for depreci-

ation at $150,668: and $18,553 for tax, compared with $3B last year. The 4 per cent dividendtaking $73,000 —comes from capital reserves.

Mr Gardiner says that difficult trading conditions experienced In the previous period continued into the early months of the year, but were followed by a progressive improvement which became buoyant during the last four months.

“Group sales increased by 2 per cent, the extent of the increase being severely limited by the lower production capacity which resulted from the closing of the Petone mill and the reorganisation of plant at Kaiapoi. "This continued until May when all plant transferred from Petone was brought into production. Since thgt date, production has increased substantially. “A major programmee of plant installation and relocation has taken place at the Kaiapoi mill and has considerably increased its production capacity. Additions to plant have also been made in the knitwear and clothing divisions.

“Although the immediate outlook is for a further improvement in the company’s position, the board is determined to speed up the process.

“Accordingly, a London firm of management consultants, Urwick, Orr and Partners, Ltd, has been retained to carry out an assignment directed at improving the company’s profitability in every section of its undertaking on a continuing basis. This work is now in hand.”

N.Z. Brew. Holds Div. (N.Z. Press Association) AUCKLAND, October 15. New Zealand Breweries, Ltd, will pay a steady interim dividend of 5 per cent. Last year it paid a total of 124 per cent In a brief interim report, directors say the profit for the half-year to September 30 was about the same as during the corresponding period last year. In the year to March 31, 1969. the consolidated net J?® 9 t- 6 Per cent to $3,515,203. The latest dividend is payable on December 10, ex November 15.

New Mining Co. To Float (N.Z. Press Assn.—Copyright) SYDNEY, October 14. Broken Hill Metals N.L., which has just been registered in Sydney, has announced that it intends to float to the stock exchange lists with a public issue of 7.5 m 25c shares paid to 10c. The directors said yesterday the company has silver lead and zinc prospects south of Broken Hill, a gold prospect at Mount Welsh, and tin and titanium prospects at Ebor, New South Wales. Nominal capital is ssm in 25c shares. The directors expect a prospectus to be issued within the next few weeks.

No further details were available.

Kearns-Oatina

Sales of Kearns-Otina, Ltd for the six months to June 30 showed an increase, the directors report.

This is because of the improvement in the domestic market.

The profit showed a corresponding rise, which is expected to be maintained, the directors say.