Softwood profit rises

Press, 14 September 1976, Page 25

Softwood profit rises

NZPA t Sydney Despite a slowdown in profit growth in the final six months to June 30, Softwood Holdings, Ltd, managed to raise its group net profit 75 per cent to a record sAust2.7M. In the first six months the group achieved an 84 per cent rise in net profit to SI.4M.

The upsurge in the full year’s result reflects, in part, expansion undertaken by the group last year. This included upgrading of the handling facilities of its particle board plant, and the purchase of additional land in the Adelaide and Mount Gambier areas.

In line with the directors, forecast in June, the 12c a share annual dividend has been maintained on higher average capital. The steady final of 6c a share raises the full payou'. to from $685,000 t $896,000, an amount cove r ed 2.9 times by the latest result.

In July the company made ia one-for-eight scrip issue which ranked fully for the latest payout, followed by a one-for-10 cash issue which ranked pro rata to the amount of capital paid up.