Trans-Ashburton dividend raised

Press, 19 November 1977, Page 18

Trans-Ashburton dividend raised

Tran s-Ashburton, Ltd, more than doubled group net profit, from $31,855 to $80,462, in the year to June 30. the directors say in a preliminary report. A recommended final dividend of 3.25 c a share increases the annual rate from 3.5 c a share to 5c a share (10 per cent). The company was cautious in its half-yearly announcement, saying that it has earned a profit of $19,732 in the six months to December 31, compared with a profit of $31,855 in the year to June 30. “It should be noted that in a seasonal business halfyearly profit announcements provide no indication of ex-

pected full-year results, nor can they be compared with previous half-yearly results,” the directors said in the half-yearly report. The profits in the halfyear reflected “out-of-season gearing-up,” which affected the final result, and in the latest half-year this was heavy, they said. However, in spite of the pessimism, the . directors ended the report by saying that there had been a dramatic increase in turnover, which was now re-, fleeted in the latest result. There was no mention of a sales figure in the preliminary report, but sales in the half-year were $834,816 compared with $1,512,702 in the last full year. Based on capital of $334,000 in the previous financial year, the earning rate was 24 per cent compared with 9.5 per cent previously.

The dividend absorbs $33,400 and is covered 2.4 times by the profit.

The profit was after providing $69,623 more for depreciation at $220,403. There was a taxation credit of $14,750 compared witb a provision for deferred taxation of $49,723 previously. Minority interests took $30,295 more at $51,375. The final dividend is payable on December 1, ex dividend November 22. Atlas holds 60 p.c. of Bell Radio Atlas Majestic Industries, Ltd, received acceptances, up to November 17 from 464 of the 949 total number of Bell shareholders. Including shares previously owned by Atlas, this represents 60 per cent of the capital of Bell Radio Television Holdings, Ltd. The' Atlas offer closes on November 30, and becomes unconditional on receipt of a 75 per cent acceptance.