N.Z.F.F. profit $1.6m

Press, 21 December 1976, Page 22

N.Z.F.F. profit $1.6m

Commercial

; New Zealand Farmers Fer-| J tiliser Company, Ltd, reports [that unaudited group net) iprofit for the half-year to! November 30. rose 39.5 per (cent to 5i,570,595. An unchanged interim ord-| iinary dividend of 5 per cent! I (5c a share) is payable on (January 25, ex dividend! (January 7. | Sales of ail products at [345,228 tonnes were up 6.2 'per cent compared with the [first half of last year, and [although sales in the early [part of the year were influenced by pre-Budget buying, the directors are confident ■ [that sales for the financial [year will exceed last year’si, 'figure. The taxprovision of I $932,448 for the six months I ( compares with $855,289 last i year, indicating that taxpaid profit has been assisted . greatly by the much in- ) creased claims for investment •, and export allowances applic-i]

(able to this year’s trading, (which rose from $BO,OOO last [year to $425,000. I The contribution to profit from diversified interests [continues at a vert' satisfactory level, accounting for 30 [per cent of the total. , The modernisation and expansion programme of the company involving an estimated expenditure of ,S33M over the next 6 years has taken a further step forward with the announcement of the building of a new fertiliser works in South Auckland, in replacement of the two ageing Auckland plants, the commissioning of tire [chromium sulphate plant at [New Plymouth, and the startiup of the new acid plant at (Morrinsville scheduled for early in 1977. I The issue of 2.000.000 [ specified preference shares, I which has just closed, was an' [outstanding success and applications for additional

'..shares, over and above t entitlements, have greatly [exceeded the number of 11 shares which will be avails ■ able. -I All applications will there- !) fore be scaled down pro rata to shareholders entitlements, j and refunds, along with share a [certificates, will be mailed as “ soon as possible. I i The first, dividend payment s>on the new preference shares j will be made on the May‘3l, [ f 1977. calculated from Decem--'ber 15, 1976.