Good Recovery By Mason Bros

Press, Volume CX, Issue 32322, 13 June 1970, Page 14

Good Recovery By Mason Bros

(New Zealand Press Association)

AUCKLAND, June 12.

Mason Bros, Ltd, Auckland engineer and merchant, continued its recovery by a 28 per cent lift in group net profit in the year to March 31. The dividend has been increased from 5 per cent to 7 per cent, the directors announce in their preliminary report.

The turnover exceeded $lO million for the first time. Last year it was $9,299,795. All companies in the group showed an improvement, the | directors say. Last year the profit more than doubled after the drop I in 1967 and 1968 from the record $296,872 earned in 1966.

The latest net group profit was $206,131—an increase of $45,413. This was after a steep rise in tax by $118,239 to $168,371, explained by the running out of tax losses in the Christchurch subsidiary. After deduction of minority interests, the net profit was $44,626, .or 28.2 per cent, higher at $202,852. ; This represented 13.2 per ?cent on ordinary capital, I against 10.1 per cent last year. A payment date would be j announced later for the final I dividend of 41 per cent [(making a total of 7 per I cent.).

After paying 9 per cent for four years, the company cut its dividend to 7 per cent in 1967, and to 2j per cent in 1968.

Cooper Says “Don’t Sell” CN.Z. Press Association) WELLINGTON, June 12. Cooper Industries, Ltd. directors advise that discussions are in progress which may affect shareholders’ interests and they are advised not to sell their shares pending further advice.