PROFIT RISE BY J.B.L.

Press, Volume CX, Issue 32351, 17 July 1970, Page 18

PROFIT RISE BY J.B.L.

Interim Result Almost Trebled

(N.Z. Press Association) AUCKLAND, July 16. Export sales of J.B.L. Consolidated, Ltd, jumped to $615,550 for the half-year to April 30, says the chairman (Mr J. E. Jeffs) in the company's half-yearly report. This compares with $55,630 for the previous full year.

Mr Jeffs said ' that the export programme had been materially helped by the company’s branch offices in Australia and Japan. Net profit for the halfyear to April 30 is $208,232, compared with $153,732 for ithe previous full year. I The profit was struck after providing $39,113 for tax arid $36,779 for depreciation. This result represents an earning rate of 24.6 per cent on shareholders funds of $880,480. Working capital at April 30 is $1,414,556 compared with $1,116,490 at October 31, 1969. Interim Dividend 6 p.c.

The interim dividend of 6 per cent, an increase of 1 per cent, is payable on August 31. Last year, the company paid a total of 11 per cent. The group should not experience difficulty in maintaining a satisfactory level of profit ability during the second half of the year, said Mr Jeffs. Commenting on the fishing operations of the group, he said that two new 73ft steel trawlers had been launched in the last three months, and orders for a total of 12 65ft trawlers had been placed. These ships will be progressively completed and ; launci ed at two-monthly intervals from the end of May. 1971. Other activities of the group—cosmetic and packaging, clothing operations, leaseback division, and the new canning subsidiary—all contributed to the increased result.