Odlin profit fell 19 p.c. in half-year

Press, 14 December 1977, Page 22

Odlin profit fell 19 p.c. in half-year

The unaudited group net ; trading profit of Odlins, Ltd. ifell $389,105 or 19.5 per cent Uo SI.6M, after sales revenue ; rose 6.4 per cent to 553.2 M iin the six months to : September 30. The increase in group I sales for the six month period was not sufficient to compensate for higher wages, salaries and other operating costs, with the result that tax paid earnings declined, the report says. “■ Although we are affected by Government policy in the I housing-field, ano our group i operations, including our Daily volume A total of 394,600 shares \ was traded on New Zealand stock exchanges yesterday, j 101.100 more than on Mon- ' day. I Industrial shares totalled 386,800 (293,000 on Monday), and 7800 mining and oil I shares were traded (3500 on. Monday). A total of 120 issues was! traded. : The five most active I issues were: I Lion .. 44,500 incl. late ~ 15,000 i U.E.B. .. 22,300 Wattie .. 21,000 Fletcher .. 15,800 | N.Z. Forest . . 14,800 i ~ ) Tasman to pay 2.5 cents I The Tasman Pulp and Paper Company, Ltd. will pay an interim dividend of 2.5 c a share (5 per cent) compared with last year’s : interim payment of 2c a i share, which was the total payment for the full year.

various diversified activities, have also been affected by increased costs of operations, we continue to operate profitably as evidenced by the half-yearly results. •'These results indicate that group profit for the full year will be below last year’s record figure, but unless there is a further downturn in the over-all internal economic situation the directors, at this stage, see no reason why they should not anticipate that the final result for the year to March 31 will be a satisfactory one,” the report says. ‘‘Trading has been adversely affected by' the substantial decline in ” housing construction, which can be directly attributed to Government policy as far as the building industry is concerned,” the directors say. The profit was after’providing $387,537 less at $1,143,263 for tax. The unchanged interim dividend requires $626,115 compared with last year’s $397,007. The ordinary’ dividend of 5 per cent (2.5 c a LXIHCIS

METALS London, December 12. Buyer Seller a ton a ion Copper .. .. 683.50 684.00 Lead .. .. 387.50 379,00. Tin .. .. 7310.00 7320.00! Zinc . . . , 289.00 289.50 J Aofrs converted The conversion by D. McL. Wallace Ltd, of the 228,489 unsecured convertible notes of 65c each on October 31, 1977, after taking into account the effect of bonus issues, has resulted in the allotment and issue of 334,497 ordinary shares of 50c each, which do not participate in the February 1978 interim dividend.

share) will be paid on capi-i tai increased by the re-. cent one-for-four bonusshare issue on February 28,! lex dividend February 2. Of the ordinary " dividend 1.5 per cent is tax-free, from realised capital profits. Ordinary shares issued in the conversion of 1977 convertible notes will participate in the interim dividend to the extent of three quarters of 5 per cent. These • shares will also participate! in the final dividend to the! extent of three quarters ofi the rate declared. The recent issue ofl 6,000,000, 12.5 per cent specified preference shares, of 50 cents each closed on! November 30, and was over-1 subscribed.

New Zealand.—New Zealand United Corporation, Ltd, daily index Case 100 January 21 1957 Dec. 7 278.78 Dec. 8 278.65 Dec. 9 278.14 Dec. 12 277.64 Dec. 13 276.28 Sydney.—Sydney Slock Ex change (July. 193] June, 1939). Retail I uds All ords Dec. 7 .. 446 51 391.63 450.88 Dec. 8 .. 450.35 392.36 452.64 Dec. 9 .. 446.21 393.68 453.73 Dec. 12 .. 447.91 395,05 456.28 Dec. 13 .. 445.13 393.45 452.78 London.—**t inanciai l irnes. fndnst Govt, Gold Dec. 6 .,. 482.0 74.71 145.4 Dec. 7 . . 485.3 75.08 145.2 Dec. 3 .. 435.2 75.18 145.9 Dec. 9 Dec. .12 .. 485.9 70.03 142.4 • • 484.5 76.40 138,9 New fork. - Low Jones. Ind Tsp 1‘over Dec. 6 806.91 210,22 19,160,000 Dec. 7 807.43 210.07 2.3,770,000 Dec. 8 806.9.1 210.80 21.050,000 Dec. 9 815.23 2.12.12 19,210.000 Dec. 12 815.75 212.26 18,180;000