F. And T. Ind. Reports Record Net Profit

Press, Volume CX, Issue 32383, 24 August 1970, Page 16

F. And T. Ind. Reports Record Net Profit

(N.Z. Press Assn. —Copyright) SYDNEY, August 23. The group net profit of F. and T. Industries, Ltd, for the year to June 30 was $3,006,169 compared with $2,200,671 for the previous year.

The profit is the highest ever achieved by the company.

It is after providing $2,831,184 ($1,971,940) for tax and $1,345,377 ($2,349,095) for depreciation. The directors say that, apart from a non-recurring

dividend of $150,699 ($283,445) received by the parent company from F. and T. New Zealand, Ltd (now named Feltex) and a minor contribution from a subsidiary in Malaysia, the whole of the 1969 profits were from Australian operations. Sales for the 12 months totalled $54 million compared with $9B million, taking into account the New Zealand operations of the previous year. The directors say that the fall of $11.2 million in Australian sales was attributable entirely to the withdrawal

during the year from wool processing. Aggregate sales of the other divisions were higher. The reduction in depreciation was also because of the withdrawal from wool processing. The directors recommended a final dividend of 3.125 cents a 25’ cent stock unit, making 6.25 cents for the year to June 30, payable November 27.

The directors indicated this rate of dividend, 25 per cent, for the year, in May. Earlier this year the company made a capital return of 25 cents a share. Last year it paid dividends totalling 11.25 per cent on its then 50-cent shares.