W. Sutherland tannery loss

Press, Volume CXV, Issue 34012, 28 November 1975, Page 16

W. Sutherland tannery loss

The tannery of W. Sutherland and Company, Ltd, has not yet come into profit because of recent substantial increases in hide prices and production targets not being achieved, the directors say. As announced, the group had an unaudited trading loss of $27,321 in the six months to September 30, compared with a loss of $41,789 in the corresponding period of last year. The combined profit of the operational division and Arthur Cocks and Company, Ltd, a subsidiary, is ahead of budget, but, because of the downturn in the economy and the effect of increased sales tax on many stock items, the profit is lower, than in the previous corresponding period. Every effort is being made to achieve a group net profit, however, it is unlikely that a profit will be made in the current year, the directors say.

As announced, the company has received notice of

an intended take-over offer at a value less than the current market value of the company’s shares. The offer is expected to be reported to shareholders about December 8.