W’wths profit $1.2M

Press, 27 October 1977, Page 24

W’wths profit $1.2M

Woolworths (New Zealand) Ltd, reports that because trading conditions continue to be difficult group net profit increased only 2.1 per cent to $1,247,588 in the year to September. The profit is subject to preference dividend payments amounting to $98,692, leaving a balance of $1,148,896 — equivalent to 20.93 per cent on the paidup ordinary capital of $5,503,850, compared with 20.4 per cent last year. The profit of $1,247,588 represents 0.9 c in each dol-

lar of sales compared with 1c last year. This return reflects the fine margins on which the company operates to maintain the competitive prices of its merchandise, the report says. Sales revenue increased 17.7 per cent, “which compares favourably with performance in the retail trade generally, and reflects the company’s competitive position in the market.”

A final dividend of 7 per cent, (3.5 c a share) is payable on December 15, making a steady total of 12 per cent for the year.