Pye profit fell 26 per cent
Pye Electronics, Ltd, reports a fall in “inflation adjusted’’ net profit of 26.1 per cent to $625,700 in the six months to June 30. Tax is estimated at $484,900 ($674,300). The company’s marketshare was maintained in an over-all market which had declined partly because of restrictive hire-purchase regulations said the report. Total sales by the group have declined 2 per cent. Apart from the effect of reduced sales, the fall in profits before tax of 27 per cent is attributed to increasea costs and lower returns allowed by the Department of Trade and Industry on colour television sets. The decision has been taken on appeal to the Commerce Commission.
Group earnings have been charged with adjustments required to reflect current replacement costs. Past appropriations for exchange variations were sufficient to cover realised losses on the repayment of overseas 'oans to and since June, 1977. An unchanged interim dividend of 6 per cent (3c a share) will be paid on November 17, ex dividend November 3.
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Press, 28 October 1977, Page 10
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171Pye profit fell 26 per cent Press, 28 October 1977, Page 10
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