C.I.G. dividend raised to 14c
NZPA Sydney Commonwealth Industrial Gases, Ltd, increased net profit 25.9 per cent in the year to September 30, although there was a slowing in growth in the second?half of the year. The profit of sAustlO.BM has prompted directors to recommend a higher final dividend of 8c a share, payable February 3, to take the annual distribution to 14c a share, compared with 13c last year.
Sales revenue increased 17.7 per cent to $147.9M after being ahead 20.9 per cent at S69M at March 31. The profit was after interest received of SI.4M ($241,000 last year) and provisions totalling S2.IM comprising $665,000 to cover cylinder losses, $470,000 for stock obsolescence, and $985,000 for plant maintenance.
The profit was also after charging additional depreciation of S2M, arising from the revaluation of certain assets where there was no tax relief.
During the year C.I.G. spent $15.4M on expansion and the company has earmarked a further S2SM for the current year.
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Press, 9 December 1976, Page 24
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162C.I.G. dividend raised to 14c Press, 9 December 1976, Page 24
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