A. and S. profit more than halved

Press, Volume CXII, Issue 33066, 6 November 1972, Page 22

A. and S. profit more than halved

(N.Z. Press Association) AUCKLAND, Nov. 4. A sharp fall in profit to less than half its previous year’s figure was announced by Armstrong and Springhall (Holdings), Ltd, but the company is maintaining its total dividend at 11 per cent The audited group net profit of the company for the year to June 30 was $121,109, compared with $274,693 last year. This was the result after providing $94,801 for depreciation (last year $130,482) and $61,195 for income and payroll taxes ($261,866). The preliminary report to the stock exchange said that the reduced level of profitability for the company and its subsidiaries resulted from lower profit margins and higher selling and administration costs, although sales were close to the level of the previous year. The report notes that the company has gradually moved into the electronic computer market. It says that while considerable headway has been made and the order position is encouraging, the transition is a long-term programme and development costs have been substantial. The final dividend of 6} per cent is payable on December 18.