MYER PROFIT ROSE 23 p.c.
Dividend rate 16.5 per cent
(N.Z.P.A.Reuter —Cepvriobt/
The group net profit of Myer Emporium, Ltd, rose 22.7 per cent to $A35.6m in the year to July 31 after sales rose 12.5 per cent to $853.0m. The ordinary dividend rate is raised from 14 per cent to 16.5 per cent (8.25 c a share) with a final 9.5 per cent payable on December 4. The latest profit is after providing for tax $28.3m ($27.3m) and depreciation s9.om (sB.2m). A marked profit improvement in the second half of the year resulted from earlier efforts to reduce operating costs, and control stocks, the directors say. No provision has been made for depreciation of buildings, and the auditors will qualify the accounts. The 1973-74 profit and tax figures have been re-stated by $1,508,000 to take account of the 2.5 per cent tax cut.
The report shows a restatement of 1974 figures to take account of the 16.7 per cent inflation. When compared with these inflated figures, the latest sales level is down 3.8 per cent and the latest profit figure is up 3.7 per cent.
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Bibliographic details
Press, Volume CXV, Issue 33963, 2 October 1975, Page 18
Word Count
186MYER PROFIT ROSE 23 p.c. Press, Volume CXV, Issue 33963, 2 October 1975, Page 18
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