COMMERCIAL Woolworths to pay 12%

Press, Volume CXIII, Issue 33370, 31 October 1973, Page 20

COMMERCIAL Woolworths to pay 12%

(N'etr Zealand Press Association) WELLINGTON, October 30. Woolworths (New Zealand), Ltd. announced today that the group net profit of the company and Woolworths (N.Z.) Properties, Ltd, for the year to October 3 was $1,134,551 — an increase of 31.0 per cent.

The result, which is sub- < ject to completion of audit, I; covers a 53-week period and j compares with a consolidated ! net profit after tax of §865.752 for the 52 weeks to . September 27 last year. ; The after-tax profit of,] $1,134,551 is subject to pre- ( ference dividend payments of $96,692, leaving a balance of §1,035,859 for ordinary shareholders. This amount is equivalent to 18.8 per cent on the paidup ordinary capital of $5,503,850. Last year’s earning rate was 13.9 per cent. An increase in final divi-; dend will be recommended to shareholders at the annual meeting to be held in Sydney! on December 14. The company recommends, a final dividend of 7 per cent! (last year 6 per cent), which; with 5 per cent already paid’ ‘will make 12 per cent (last ‘year 11 per cent) for the; year.

The final dividend will be based on shareholdings as at jNovember 30, and payable on December 20. The directors propose to recommend that the final 7 per cent dividend be paid (from realised net capital profits reserve, which would be i tax-free in the hands of most 1 shareholders. Commenting on the higher profit, the directors say: "The increase in net profit is pleasing, but it must be remembered that there is an additional week’s trading in the current year compared I with the previous year, and also that last year’s results were not buoyant.” i This year’s profit before(

depreciation and amortis. ation was $2,836,513, compared with last year’s $2,262,983. Depreciation and amortisation took $773,132 (last year $689,008), leaving a pre-tax profit of $2,063,381 ($1,573,975). Tax provision was $928,830 ($708,223).