Mainzeal ahead 14.9 per cent

Press, 25 February 1977, Page 18

Mainzeal ahead 14.9 per cent

i PA Auckland Aided by a higher dividend from its associated company, Fletcher-Mainzeal, Mainzeal Corporation, Ltd, increased net profit 14.9 per cent in the half-year to December 31. ,1 The Auckland-based con-! Istruction, property and land (development group earned an net profit on an , equity basis of $255,000 — . a rise of $33,000 on the previous corresponding period. The dividend from Flet-iicher-Mainzeal was up from 11 $25,000 to $62,000. The assoTciate paid a dividend of: > $62,500 in the last full-year. I >| The share of retained cur■jrent earnings of associated: ((companies was down from! \:575,000 to $35,000 for the lat-l I jest period. j The provision for taxation • I was $29,000 higher at I $129,000. I The chairman (Mr L. N.! ■ Ross) says that the companv i ■ is trading satisfactorily in ail j divisions, and a reasonable I

volume of construction work is in hand. The directors expect to maintain a satisfactory profitlevel for the full-year. In the last full year group net profit, rose $90,554 or 40.2 per cent to $315,836. Mr Ross says that shareholders’ funds at December 31 totalled $1,899,000. which was an increase of about $570,000 on the previous corresponding level. Shareholders’ funds were equivalent to 40.7 per cent of the group assets.employed. The latest profit represents an earning rate on capital of 129.2 per cent for the halfyear. An interim dividend of 7 !per cent (3.5 c a share) mainI tains last year’s level. This lis the maximum that the comIpany can pay under the dividend regulations. . The results for the full year will determine the final divijdend, Mr Ross says. : Last year, the total was 14 | per cent. I The interim dividend is ! payable on March 30, and shares will become ex dividend on March 11.