First interim dividend by Glass Con.

Press, 23 February 1977, Page 23

First interim dividend by Glass Con.

NZPA Sydney Glass Containers, Ltd, is lo pay its first interim dividend after doubling net profit in the six months to December 31. The net profit for the half [year was $1,140,000 compared with $580,000 for the ; i previous corresponding half-1 (year, an increase of 97 per cent. Tax-effect accounting was ; adopted, and an $840,000 in-; [come tax provision was made, although no tax is payable. Last years first-half earn-! ings are after a national tax adjustment of $428,000. The company is, paying an interim dividend of 3c a I share. Only a 4.5 c final diviIdend was paid last year. The rise in earnings was [after a 11 per cent rise in (sales revenue to $11.45M. i "Sales volume in the sec-; [ond half-year is expected to [be marginally lower! than in the first half due to I the temporary loss of capacity, and therefore profit beIfore taxation will be lower," I the directors say. I'he group’s interest bill for the. latest' six months was $483,000, compared with [ $445,000 in the previous first half-year. The provision for I depreciation was down from $797,000 to $741,000. ! There was an $8572 profit.( realised on repayment ofj (overseas borrowings, com-! (pared with an extraordinary [profit of $23,000 in the pre-! (vious first half-ye# r. (.lark to expand [ Clark Rubber Stores, Ltd,! ,is borrowing more than [SAust 3.5 M for expansion of its rubber and plastics con-J (verting business in Victoria and Western Australia. The money will be spent at I, Winton. Clayton, Wodonga, ; and Balcatta. As a result of the expan-1 ;sion the group expects to!' I create 150 new jobs.