C.P.I. profit recovered

Press, Volume CXIII, Issue 33384, 16 November 1973, Page 14

C.P.I. profit recovered

(N.Z. Press Association) WELLINGTON, Nov. 13. Consolidated Plastic Industries N.Z., Ltd, had a considerable improvement in the results for the half-year to September 30. Sales increased by 17 per cent, and the unaudited net profit was $317,000. The profit of $292,000 for the half year to September 30, 1972, included a non-re-curring amount of $lOO,OOO from the disposal of plant and equipment. Demand for the groups products is high, and forward orders are most satisfactory, the directors say. Although there is a world shortage of plastic moulding material, group stocks on hand and awaiting shipment are more than adequate to meet requirements for the remainder of the financial year and well into the next. The outlook is clouded to some extend by sharp increases in the prices of materials and uncertainty of the effect of Government economic policy, but, subject to that, the directors reaffirm their opinion that the results for the year to March 31 will show a substantial recovery towards higher profitability. An unchanged interim dividend of 4c a share (4 per cent) will be paid on December 3, ex dividend November 21.