J. Edmond sales ahead

Press, 19 July 1976, Page 14

J. Edmond sales ahead

PA Dunedin Sales revenue of John Edmond Holdings, ltd. for the first three months to June 30 showed an increase of 19.4 per cent over the com parable period last year, the chairman (Mr W. F Edmond) said at the annual meeting of the Dunedin-based builders’ suppliers and hardware group. Expenses had also increased The latest percentage increase in sales compares] favourably with a 16 per cent increase in first-quarter sales in 1975. In the year to March 31. sales rose 22.5 per cent and the company earned a record profit of $766,624. Mr Edmond thought that several moves were being planned to inject more finance into housing from the private sector. Government slock ratios may be reduced again as they were in March, when a 2 per

cent reduction released about s2Bm. Mr F.dmond said i The change in the stock ratios in March was intended ■ to carry the building industn until funds for housing from ■ the private sector started to ■ flow again i Because interest rates from ; finance houses were declin i ing. he said it was possible Jihat mortgage rates might (also fall, although this could take some time as demand remained high The costs of building were :still rising, but the Govern ’intent’s urgent need n> restrain its spending had led 'to a substantial reduction in the amount of State finance for housing I Last year the Government had been responsible fot the i financing of about 18.000 bouses but its present plan .might be to hold this to around 14.000. leaving the (private sector to finance ■ 14,000 to 16.000 if the Gov jernment’s target was to be imet this year, Mr Edmond ■ said.