Fletcher exports 2p.c. of total sales

Press, 18 December 1976, Page 18

Fletcher exports 2p.c. of total sales

PA Auckland : After export sales of) $1,735,000 in November,; Fletcher Holdings, Ltd, was; iwell on the way to doubling! overseas sales this financial! year, said the chairman (Mr j. C. Fletcher) in the half-! yearly report. The group expected to! make more than SIIM ini export sales this year, compared with $5.3M in the previous 12 months. In the six months to September 30, export sales rose from $2,466,000 to $4,972,000. Last month, Fletcher sent two shiploads of dehydrated

I (lucerne pellets to Japan, and !a small quantity of linseed j cake to Barbados. The forest division 'i exported a large quantity of ;i logs to Japan, and also sold (wool and beef worth about $30,000 from its forest■jfarms. ' Plywood, and particlebboard, and steel was sent to J many destinations in the Pacific Basin. Wire found markets in Canada, the United States, New Caledonian, and Hong Kong, j and reflective foil went to ; Dubai. Sawn timber was ' also sent across the Tasman, and to Japan. , The group was also supplying raw materials to many manufacturers of exported products. As reported net earnings during the six months were $2,692,000 or 55.3 per cent ahead of the depressed corresponding period of last year at $7,559,000. [ Revenue was S4OM or 28 per cent higher at SIBOM. Investment income and the group’s share of the retained equity earnings of associated companies at $2,838,000 was

1127 per cent above the pre-; ijvious level. Equity earnings were sev-| i erely affected by the loss of; f production of Tasman Pulp! 1 and Paper Co, Ltd, (17.6 peri t cent owned) during indus- - trial troubles in its first half-year. Non-trading losses — > mainly on foreign currency i were $587,000. This compared with a net loss of - $1,137,000 last year. ' During the half-year, Flet- > cher Timber’s $5.2M saw- ? mill, and processing plant, 3 near Thames, was commis- » sioned, and is now workingup to full-production.