Chenery looking overseas

Press, 15 July 1976, Page 20

Chenery looking overseas

Chenery Holdings. Ltd, is placing greater emphasis on overseas markets, the chairman (Mr H. S. Rose) says in his review for the year to March 31.

As announced, group net profit was $79,629 or 47.4 per cent higher at $247,694 after sales rose 3.8 per cent to $4,224,459. The profit was 5.8 per cent of sales, compared with 4,1 per cent in the previous year. During the year, more than 100 mechanical, plumbing and sheetmetal contracts were completed in the North Island.

The manufacturing division continued to grow through its range of products for the plumbing, refrigeration, food processing, motor vehicle and other industries.

The copper plumbing manufacturing facilities and stock of Dominion Lead Mills, Ltd, were acquired. The profit was after providing $6087 more for depreciation at $56,662. and $53,641 more for taxation at $186,501.

Minority share of the profit took $1304 compared with $2989 in the previous year. The profit represents an

earning rate on ordinary cap!

tai of 28.1 per cent against 19.1 per cent previously. The rate on average shareholders funds rose 10.2 per cent to 13.9 per cent. The balance sheet shows shareholders funds $160,049 higher at $1,859,334 including steady ordinary capital of $880,250.