Revertex sees harder final six months

Press, 29 November 1977, Page 24

Revertex sees harder final six months

The unaudited group net profit of Revertex Industries, (N.Z.), Ltd, rose 5.5 per cent to $251,000 in the six months to September 30, on sales which increased 8.7 per cent to $6. IM. The result is after a decline in the demand for the products of the parent company because of the recession in the building industry and the effect of a wetter winter than normal on the paint industry, the directors say. “These factors were offset by a recovery to former levels of profitability by the Australian subsidiary and an increased contribution to group profits by Titan Chemicals, Ltd, (formerly the Fletcher Chemical Company, Ltd,) through its success in exports to South-East Asia,” they say, reports the Press Association.

“However, the company cannot expect to escape the effect of the downturn in the economy.” While it is expected that the result for the full year will be satisfactory, it is unlikely that profit in the final six months to March 31 will reach the level attained in the comparable period of last year, they say. The profit is after providing $14,000 more for tax at $lBO,OOO. A steady interim dividend of 7c a share (7 per cent) is payable on December 16, ex dividend December 1.