Nylex profit fell 48.8 per cent

Press, Volume CXV, Issue 33778, 26 February 1975, Page 12

Nylex profit fell 48.8 per cent

The group net profit of Nylex Corporation, Ltd, for the year to December 31, fell $2.3m or 48.8 per cent, to $2,391,000, the directors report.

The profit includes extraordinary items amounting to $30,000, which is $501,000 less than for the previous year. Sales rose 2.5 per cent to $69.7m. The results included for the first time a full year’s equity share of the profits of Olex Cables, Ltd. In 1973 the Nylex cables division was still an operationg division for the first six months, and its sales were included in the consolidated sales turnover of $68.3m for the year. The 1974 group sales for wholly-owned operations, and subsidiaries of $69.7m excludes cables and polyflor sales. When adjusted and made comparable by eliminating the cable division and polyflor sales from the 1973 results, the increase is 18.7 per cent. After an increase of 15.2 per cent in net trading profit in the first half-year, demand slumped, and costs, particularly for materials and wages, rose. A final dividend of 5 per

cent (2.5 c a stock unit) is payable on May 2, exdividend April 7. This will bring the total dividend fori the year to a steady 10 per ■ cent. The profit was after providing $1,573,000 less at $787,000 for tax, and $59,000 less at $2,091,000 for depreciation. The equity share of net profits of associated companies rose $398,000 to sl.6m. Bendix in profit Bendix Consolidated Industries, Ltd, has reported a $170,513 profit for the vear to June 30, almost treble the $57,294 earned in 1972-73. But the company has incurred extraordinary losses of $732,598 for the year, and will again not pay a dividend. The company traded as a furniture manufacturer throughout 1973-74. Bendix shares were de-listed on December 2 for failure to supply annual accounts for the 1973-74 year, and the results just issued are still subject to final audit.