CON. PLASTIC PROFIT
Set-back, But Recovery Seen The directors of Consolidated Plastic Industries (N.Z.), Ltd, reported a serious decline in profits yesterday. Group net profit for the year to March 31 was $163,000. The directors had warned shareholders the losses earlier, in two interim reports. The profit compares with last year's profit of $659,196. The latest result was after absorbing a trading loss in Regent Plastics, Ltd, acquired in 1969, of about $645,000. The directors have taken measures that should ensure that no further trading losses are incurred in Regent Plastics.
The group is currently trading at a very satisfactory level. Sales for the quarter ended to June 30 are just under 20 per cent ahead of those for the same period last year. The directors confidently expect that provided current economic and trading conditions are maintained, profits for the year to March 31, 1971, will be in line with those of recent years. The dividend is unchanged at 10 per cent, with a final of 6 per cent. Only little more than half the required payment is covered by the profit.
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Press, Volume CX, Issue 32352, 18 July 1970, Page 18
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182CON. PLASTIC PROFIT Press, Volume CX, Issue 32352, 18 July 1970, Page 18
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