C. NEON NET DECLINES
Dividend is maintained (N.Z. Press Association) AUCKLAND, Nov. 18. The unaudited net profit of Claude Neon Lights of New Zealand, Ltd, Auckland, fell $28,792 or 32.7 per cent to $59,174 in the year to August 31, the directors announce in a preliminary statement. However, the dividend had been held at last year’s lower rate of 7 per cent. A bid for 365,000 shares last March increased the holding of Philips (Electrical Industries of New Zealand, Ltd, to 50.6 per cent. Recommending acceptance of this bid, the directors said that although sales were comparable with the previous year, the profit was not expected to show an improvement. The Philips majority interest would give the company strong technical and financial backing. The final dividend of 4 per cent (payable December 18, ex December 3) would be paid from capital reserves and would be tax-free. The latest profit decline is after falls of 29.5 per cent last year and 22.4 per cent in 1968. The result represented an earning rate of 5.2 per cent on capital, compared with 7.7 per cent last year. In addition to the trading profit the company made a $152,329 profit on the sale of properties, the directors say.
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Press, Volume CX, Issue 32458, 19 November 1970, Page 20
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204C. NEON NET DECLINES Press, Volume CX, Issue 32458, 19 November 1970, Page 20
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