N.Z.L.L. profit $470,267
The unaudited group net profit of New Zealand Light Leathers, Ltd, was $470,267 in the year to September 30, compared with a loss of $679,162 previously, the directors say in a preliminary report. The profit was after providing $8258 more for depreciation at $125,403. No provision for income tax was necessary and no dividend will be recommended. Substantial opening stocks of finished goods which were valued below cost in the previous year, to reflect the weak market at that time, were subsequently sold profitably. The demand for crust leather continued to strengthen throughout the year, the directors say.
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Press, 8 December 1976, Page 28
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101N.Z.L.L. profit $470,267 Press, 8 December 1976, Page 28
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