HAYWRIGHTS HALF YEAR

Press, Volume CXI, Issue 32566, 27 March 1971, Page 22

HAYWRIGHTS HALF YEAR

13.6% increase in sales

Sales of Haywrights, Ltd, 1 the Christchurch-based re- ’ tail group, increased 13.6 per ’ cent to $12.8 million during ’ the six months to January 1 31, the chairman (Sir Cliff--1 ord Plimmer) said in the company’s mid-year report. Government restraint on 1 consumer spending and cost ■ escalation were likely to con--1 tinue, Sir Clifford Plimmer said, and similar turnover increases would be required if the rate of profit increase was to be maintained for the full year. “A special company project is being undertaken to examine areas of significant cost savings, particularly in the administration and accounting sections." During the year the directors reached a decision to discontinue the manufacture of furniture, and the factory located at Papanui has now been leased to an independent manufacturer. Long term trading benefits to the company were expected from this arrangement. As already reported, a steady 4 per cent interim ordinary dividend has been declared. B.H.Sth. profit 45 p.c. lower (N.Z. Press Association) WELLINGTON, March 26. The net profit of Broken Hill South, Ltd, for the six months to December 31 was 45 per cent below that for the corresponding period in 1969. The main reason for the reduction was lower metal prices which reduced the revenue from mine production. Losses in the Electrolytic Refining and Smelting Company of Australia, Ltd, and lower ore production at Broken Hill and Cobar Mines Pty, Ltd, also reduced the profit. Divident No. 131, of 3c a stock unit is payable on May 28, ex dividend April 7.