Buoyant final quarter
A buoyant final three months to March 31 resulted in Consolidated Metal Industries, Ltd. raising the group net profit 13 per cent to $814,738, says the chairman (Mr H. M. Gray) in his annual review.
The final quarter saw many records broken in respect of both production, volume, and sales, he says. As announced, the annual dividend rate has been held at 6.75 c a share (13.5 per cent) with a recommended 3.75 c a share final payment. The earning rate on capital increased from 35.4 per cent to 40.1 per cent, but that on shareholders’ funds eased from 12.9 per cent to 12.3 per cent. The profit was after providing $101,831 more tax at $555,342, but $11,185 less for depreciation at $200,767. Shareholders’ funds were $7,107,531, compared with $6,578,125 previously. Issued ordinary capital was unchanged at $1,973,835. The accounts reflected equity accounting principles for the first time, and the 1975 profit had been adjusted upwards from $649,426 to $721,154.
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Press, 13 July 1976, Page 22
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163Buoyant final quarter Press, 13 July 1976, Page 22
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