STUDY BY TONKA
Poor Result Examined (N.Z. Press Association) AUCKLAND, April 6. The directors of Tonka Corporation (New Zealand), Ltd, the Auckland toy maker, have completed a searching inquiry into the company’s annual results for the last December 31 year and into the reasons why these results were short of expectations. The chairman of the company (Dr C. J. Fernyhough) says this in his review with the annual accounts.
His remarks are supported by the fact the company earned a net profit of $44,585 in the year, which was considerably below the net profit of “not less than $85,000” forecast in a prospectus offering shares to the public last year. The dividend has been held at the forecast 9 per cent rate. Dr Fernyhough says that the principal reasons for the lower profit were: higher costs of production and the late introduction of new products. Although it would be imprudent to forecast a result for 1970, especially as some of the events in 1969 had carried forward, he said, it was still expected that 1970 profits would be an improvement and that the recommended dividend rate would be satisfactorily covered.
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Bibliographic details
Press, Volume CIX, Issue 32265, 7 April 1970, Page 18
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190STUDY BY TONKA Press, Volume CIX, Issue 32265, 7 April 1970, Page 18
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