Lower sales by J. Burns

Press, Volume CXV, Issue 33985, 28 October 1975, Page 20

Lower sales by J. Burns

GV Z. Press Association) AUCKLAND. The turnover of the Auckland-based mer-j chant and retailer, John Burns and Company Ltd, was 3 per cent down in, the first quarter of the I current June 30 year. ; The chairman (Mr G. R.i Brabant) told the annual meeting that in real terms* the drop was much greater! ithan 3 per cent and that the growth of expenses continued ‘ to be difficult to control. Despite these difficulties [ the group was well placed to

weather the expected difficult months ahead. 1 Since the balance date the' group’s stock position had! . improved along with the; level of debtors. The better liquidity of the; [company meant that reiianca i on short-term borrowing was I reduced and there was more i flexibility for financing future 1 I growth. Devaluation had affected the slm the group had obtained overseas, but the re'cent decision to make such ; losses tax deductible was [most welcome. The directors were also pleased at the recent contract [gained by the group for- the

'supply of steei tor the Huntly '■power project. As announced, the profit in the last year to June 30 was! 116.4 per cent down at; 15639.889. but was still the) second highest in the company’s history. The dividend [was held at 124 per cent.