Con. Brick’s Sales 30 p.c. Ahead

Press, Volume CX, Issue 32382, 22 August 1970, Page 18

Con. Brick’s Sales 30 p.c. Ahead

(New Zealand Press Association) AUCKLAND, August 21. Consolidated Brick and Pipe Investments, Ltd, Auckland, lifted sales by 30 per cent in the first four months of the year, compared with the previous corresponding period, the deputy chairman (Mr M. M. Clark) said at the annual meeting.

The general economic and industrial outlook for the remainder of the year was uncertain. However, with the company’s wider range of operations and export activities it was expected that there would be a satisfactory increase in profitability. As announced, the group net profit rose by $58,390 or 12.7 per cent to $517,625 in the year to March 31. New plant, partly financed by the premium issue made during the year, did not contribute to the result. Benefits from this should begin to accrue this year. The one for three note issue, which opens on August 24, was also being made to help to finance this expansion.

The principal project was the major addition to the Crown Lynn crockery factory.

The existing crockery plant had reached its productive capacity, and more modern equipment was needed to service expanding export markets.

Another move which should assist in the development of export business was the inclusion of crockery in the free-trade agreement with Australia. The two new concrete pipe factories—in Auckland and Wellington—had just been completed. They should contribute to profits in this financial year.