A.G.I. record broken

Press, Volume CXV, Issue 33941, 6 September 1975, Page 18

A.G.I. record broken

(N.Z. Press Assn—Copyright) SYDNEY. The group net profit of Australian Gypsum Industries Ltd has retreated for the first time in nine years. It fell 4.2 per cent to $A2.lm in the year to June 30. Increased costs offset a 12 per cent rise in group sales to $45.4m, and a 2.5 per cent cut in the standard tax rate. The profit was after providing $70,000 less for tax, at sl.7m and $293,767 more for depreciation at sl.2m. The result excluded a $131,392 dollars surplus on the sale of fixed assets (previously a deficit of $25,089) and a $65,953 downward adjustment of accumulated deterred income tax benefit, because of the reduced tax rate. The final dividend is a steady 7.5 per cent, but the interim dividend was cut from 7.5 per cent to 5 per cent. The annual dividend rate of 12.5 per cent (15 per cent last year) is covered by an earning rate which fell 1.9 per cent to 24.6 per cent. Boral extends date Boral, Ltd, has extended for the second time the closing date for acceptances of its take-over offer for Cyclone Company of Australia, Ltd, from September 10 to September 19, to allow some new Cyclone shareholders sufficient time to consider the offer. The shareholders are those who were allotted Cyclone shares in part consideration for their share in a partly-owned subsidiary, Cyclone Double-Grip Scaffold- ( ing Proprietary, Ltd. . Tax-free div. Haywrights, Ltd, will propose that a tax-free dividend be paid from the share premium account, subject to the approval of the Supreme Court, at the annual meeting on September 25, the directors advise.