A.B. Consol improves earning rates

Press, 26 May 1977, Page 18

A.B. Consol improves earning rates

AB Consolidated Holdings Ltd, earned an unauditec group net profit of $509,001 in the 12 months to March 31, compared with $106,551 in the previous year. The profit represents a re turn of 5.9 per cent or shareholders’ funds, compared with 1.2 per cent lasi year, and 2.2 • per cent or sales. The company is changing its balance-date from March 31 to June 30. “Shareholders should note that the profit for the AprilJune period may not reflec the same rate of annua profitability because of sea sonal sales patterns,” the directors say. The profit of $509,000 is after deduction of extra ordinary items, particular!} the expense of relocating th<

Dunedin confectionery diviI sion to Christchurch, and i writing-off the net result of exchange movements on overseas loans. An export sales increase of 145 per cent, together with realised exchange losses, result in there being no liability for tax. Export sales in the previous year rose 312 per cent. The company’s chairman (Mr C. W. Mace) forecast a minimum increase of . 50 per cent for exports during the financial year just : ended. The directors are recommending a final dividend of i[5J per cent on preference [shares, and an interim diviidend of 1| per cent will bei •[paid from realised capitali [profits on June 8, free of tax !;in the hands of shareholders.