C.M.I. plans to pay 7.5c for year

Press, 17 December 1976, Page 19

C.M.I. plans to pay 7.5c for year

iPA Auckland Consolidated Metal Indus tries, Ltd. plans to pav a total dividend of 15 per cent (7.5 c a share) for the current vear. compared with 1.3.5 per cent last vear The directors intend to re commend a final pawnent ol 4.5 c a share for the vear to March 31 The chairman iMt H. M Gray) savs in the full interim report This is subject to the dividend-freeze ending before the dividend is due for pav ment. and provided that there is no dramatic change in the company’s position, he savs The increase is fullv nisti tied bv the figures which would still leave such an increased dividend pavout cov 1 ered about 2.5 times. The board would have recommended an increase in the final dividend paid la-t Julv had it not been thwarted hv the dividend freeze

Advice has been <aken on whether the companv could (increase its interim to he paid [this month, but this is not [feasible. Mr Gra> savs. C.M.I has maintained the 13.5 per cent annual rate since 1973. when it was inI creased from 12.5 per cent A> reported. rhe croup’s [estimated profit aftet tax for the six months to September !() was 8540.000 | n the last full vear the net profit was $743,725. The estimated profit includes dividends only from associated companies Mi Grav savs that demand intensified in several areas, and sales h\ whollv-owned .companies rose 36.2 per cent 'io 88.5 M while those h\ as sociated companies measured 52.6 pet cent to S3.IM Steps will be taken next vear to make tax-free pax ■ ments from the share prem-