Mosgiel profit slump
(N.Z Press Association) WELLINGTON, Dec. 22. The net profit of Mosgiel Woollens, Ltd, fell $328,087 or 83.8 per cent to $63,592 in the year to October 6 during which the company experienced adverse trading conditions and higher operating costs, the directors report. However, a substantial recovery is expected to result from further rationalisation, the elimination of less profitable lines and concentration on fewer lines, the directors say.
A final ordinary dividend of 6 per cent, making a steady 10 per cent for the year, will be paid on February 28. The profit was struck after providing $78,637 less at $356,850 for depreciation and $212,771 less for tax at $21,859. A provision of $55,164 was made for deferred taxation.
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Bibliographic details
Press, Volume CXI, Issue 32797, 23 December 1971, Page 17
Word Count
121Mosgiel profit slump Press, Volume CXI, Issue 32797, 23 December 1971, Page 17
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