Rise In Matakana Profit 25 p.c.

Press, Volume CX, Issue 32308, 28 May 1970, Page 18

Rise In Matakana Profit 25 p.c.

The group net profit of Matakana Milling and Export Corporation Ltd, for the year to December 31 rose by $27,772—0r 25.6 per cent to $136,183, the annual accounts revealed.

As announced, a total dividend of 174 per cent will be paid on capital increased by last year’s one for four bonus issue. The total dividend for the year to December 31 is made up of an interim dividend of

8 per cent paid in December and a recommended additional payment of SI per cent, to be approved at the meeting. AU the companies in the group, he said, had achieved very satisfactory profit levels, contributing to a further record in aggregate group profits, which rose by $27,772 after tax. “Of this approximately $7975 is attributable to export incentive tax deductions. Higher costa have begun to erode the initial advantage which accrued from devaluation in 1967, but improved efficiency in the logging and sawmilling sectors and higher turnovers have enabled these to be more than offset in the meantime.” At the end, of 1969 the group balance Of unappropriated profits carried forward was $321,837. Improved buoyancy in the building trade and a stable log market at favourable prices had continued to give Bunn Bros, Ltd, a very satisfactory year, notwithstanding a reduction of one million feet, to 15 million feet, of logs sawn and sold. Mr Bunn said the groups’ three retail companies all benefited from the improved level of building activity. In the first part of the current year total turnover had been very favourable, stocks had been reduced, and there had been an increase in the proportion of log sales to Japan, Mr Bunn said. Another recommendation to the annual meeting is that the nominal capital of the company be increased to $1 million to facilitate further .expansion as the opportunity arises.-