Motor Specs sales up

Press, Volume CXI, Issue 32564, 25 March 1971, Page 15

Motor Specs sales up

(N.Z. Press Association) AUCKLAND, March 24. Motor Specialties Industries, Ltd, Auckland, achieved substantially higher sales in the half year to December 31 than in the previous corresponding period, the chairman (Mr W. D. Barclay) says in his interim report. Despite the higher turnover, profits had been restricted by increases in wages and other operating costs. Appropriate steps were being taken to meet this situation.

The directors were confident in the meantime that, provided there was no serious drop in the economy, earnings for the full year would be in line with those of the previous year. In the year to June 30, 1970, the group increased its net profit 8.6 per cent to $730,081, representing a return of 28.3 per cent on capital. The interim dividend had been held at 6 per cent Last year the total payout was raised from 12} to 13 per cent and paid on capital increased by the l-for-10 bonus issue. The interim dividend will be paid on April 23, ex April

Minsec will sell control (N.Z.P.A.-Reuter—Copyright) SYDNEY, March 23. The liquidator of Mineral Securities Australia, Ltd, (Mr J. H. Jamison) will offer the company’s controlling interests in Robe River, Ltd, and Aberfoyle, Ltd, and Cudgen R.Z., Ltd, for sale By.tender. Minsec has 3.759,296 Aberfoyle fully paid and 988,193 contributing shares making 54.31 per cent of the capital; 5.760.112 Cudgen shares representing 46.08 per cent of the capital plus another 10 per cent through Aberfoyle; and 17.7 m Robe shares giving a controlling interest. These shares should be worth about s4om taking market price in the case of Aberfoyle and Cudgen and the director’s valuation for Robe River. If the tender is successful, Mr Jamison should be able to pay all the secured and unsecured creditors. Mr Jamison said tenders would open -next week and close on June 30.