COMMERCIAL N.Z.M.C. marginally ahead; profit $l.3m
The New Zealand Motor Corporation, Ltd. has reported an unaudited net trading profit of $1,299,000 for the half-year to April 30. This is an increase of 2.1 per cent on the §1,272,000 earned in the same period of last year.
' Extraordinary items of I profit added a further ' $120,000 to make a total profit of $1,419,000 for the ’ six months. Extraordinary i items in the corresponding • period of last year totalled $198,000. “Because of unprecedented supply difficulties with vehicles and parts from both local and overseas sources, the corporation was unable
to take full advantage of the favourable trading conditions which applied during the period,” the directors say. "As a result, only a slight rise in total sales value was recorded. "Increased costs resulted in diminishing profit margins, never-the-less effective control of expenses more
than compensated and an improved trading return was achieved,” the directors say. An unchanged interim dividend of 4c a share (4 per cent) will be paid from capital reserves on August 31, ex-dividend August 14. This dividend will be taxfree in the hands of New Zealand shareholders.
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Press, Volume CXIV, Issue 33579, 6 July 1974, Page 16
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187COMMERCIAL N.Z.M.C. marginally ahead; profit $l.3m Press, Volume CXIV, Issue 33579, 6 July 1974, Page 16
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