National Con. margins and dividend raised

Press, 26 February 1977, Page 17

National Con. margins and dividend raised

NZPA Melbourne • National Consolidated, Ltd, automotive parts dis- ( tributor, is raising its ordiInary shareholders’ interim dividend-income 25 per cent after profit margins rose in the six months to December 31. The directors of the diversified manufacturing and marketing group, which in April last year acquired the Braemar Appliance division for sAust4.sM, have announced an interim ordinary; dividend of 5c a share, compared with 4c previously. Net earnings, rose 41.9 per cent to $2,690,000 after revenue rose 37.4 per cent to $59.8M.

The Braemar division contributed 16.5 per cent of the increase in sales.

The latest profit rise continues the uptrend which became evident in the first six months of last year. In the last full year to June 30 the group’s net profit rose 31 per cent to S4.IM after an 8 per cent rise in sales to $89.3M.

The latest half-year result was after tax of $3.9M, interest Charges of SI.IM ($753,000) and depreciation

of $839,000 (SI.IM). The higher interim ordinary dividend requires $1,070,000 ($856,000) and is covered 2.75 times by the profit which returns 13.75 c a share on steady paid capital as against 7.9 c a share previously.