COMMERCIAL Challenge trading profit rose 7.6 p.c.

Press, Volume CXIV, Issue 33625, 29 August 1974, Page 17

COMMERCIAL Challenge trading profit rose 7.6 p.c.

The unaudited group net trading profit of Challenge Corporation, Ltd, for the year to June 30, rose 7.6 per cent to s9m, the directors say in a preliminary report.

Capital profits were $976,000, while provision for exceptional items not related to the year’s trading will ab-

sjsorb §630,000 net of tax — i ■ !$633,000 last year. Ji The total net profit for the' | vear rose 8.7 per cent to i $9.3m. i The total profit represents ] earnings of 33c an ordinary i share and a return of 15.3 per cent on average share- ; holders’ funds, the directors I say. The profit was after providing $698,000 more at < $6,922,000 for tax. No pro- I (vision for depreciation was ! given. i A final ordinary dividend | of 71 per cent has been re- i

commended, of which 5 per cent will be paid from capital profits, and will be tax-free in shareholders’’hands. This makes a steady total of 124 per cent (12.5 c a share) for the year. Final dividends are payable on October 30 to shareholders registered at October 11. The amount available for distribution is $9,330,000. Of this, dividends absorb $3,690,000 and other appropriations $742,000, leaving profits retained in the business of $4,901,000.