COMMERCIAL C. and A. Odlin has large profit rise

Press, Volume CXII, Issue 33034, 29 September 1972, Page 12

COMMERCIAL C. and A. Odlin has large profit rise

C and A. Odlin Timber and Hardware Company, Ltd, increased erouD net profit by 34.6 per cent to $946,667 in the year to June 30, the directors say in yesterday’s preliminary report. The figure is subject to audit.

The result includes six months trading of the Tingey group, which Odiins acquired during the year. The balance of Tmgey’s profit for the period is pre-acquisition profit.

Last year Tingey increased I its profit by 39 per cent to a record $171,487. Half of that figure, say $86,000, would be included in Odlin’s profit—assuming that Tingey’s result .was unchanged. That would leave the increase in the net profit of the Odlin group at about $157.000 —an increase of about 22 per cent. Group turnover increased Ito new record levels and the trading year ended on a high ;note, the directors say. The dividend on ordinary ishare capital, increased by I the bonus issue of 1 for 10 in November last year, is to be maintained at the steady i level of 10 per cent; it will iamount to $430,936, compared with $370,000 last year. The preference dividend at 6 per cent per annum amounts to $12,000, the same as last year.

After deduction of minority interests and preference divi-

dends, the ordinary dividend is covered 2.21 times.

It is proposed that half of the final ordinary dividend (3 per cent) be paid from realised capital profits, and therefore be tax free in the hands of shareholders. The further bonus issue of ordinary shares on the basis of 1 for 11, recently approved by the shareholders, does not participate in the final dividend, which will be paid on November 13, ex October 25.