Baillie sees no rise in new-car sales
i Baillie Fanners Motors, Ltd. says that total new registrations for 1976 were ■down 10 per cent on the previous year, and no expansion of the market for new jears is expected this year. I The company’s problem over the past three years | has been largely centred on a diminishing share of the 'available new car market. “This has been influenced by General Motors’ tardy transition from large cars to a range of smaller vehicles | consistent with consumer (demand,” the chairman (Sir Edwin Bate) says in the annual report.
The company increased net profit 6.5 per cent to $156,604 in the year »o October 31.
Sales were 16 per cent higher at $13.4M.
The return on sales was 1.2 per cent. The result was after providing depreciation of $52,223, down $2761, and $lO,OOO more for tax at $129,000, The steady 10 per cent divident takes $lOB,OOO and is covered 1.4 times.
The earning rate on shareholders’ funds of 52.56 M was 6.1 per cent. New-Vehicle unit sales fell 19 per cent, but sales of used vehicles rose 4 per cent.
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Press, 22 February 1977, Page 18
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187Baillie sees no rise in new-car sales Press, 22 February 1977, Page 18
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