Brambles Burnett profit halved

Press, 17 February 1978, Page 16

Brambles Burnett profit halved

The unaudited group net profit of Brambles Burnett. Ltd was more than halved in the six months to December 31, compared with the previous corresponding halfyear.

The profit fell §211,000 or 512 per cent to 5201.000, for depreciation at $518,643, but $261,243 less for tax at

In the year to June 30, 197". the group earned a net profit of $1,132,105 after depreciation of $961,606, and taxation of $655,567. Sales revenue rose 35.9 per cent to S3SM.

Group turnover for the latest six months to December 31 rose 6.0 per cent to “The reduced profit has largely followed the trends in the industrial sectors serviced by the company,” the report says. •'The flow of both consumer and capital goods throughout New Zealand, across the Tasman, and into New Zealand ports declined markedly during the second half of 1977, with consequent adverse effects on forwarding and transport

In addition, the farming

[sector was considerably [affected by higher finance [costs and lower returns, and [these factors, combined with 'drought conditions in the South Island, and industrial I stoppages in the freezing industry, resulted in a reduced 'demand for the group’s rural [services,” it says.

Interim dividends of 2c a share (4 per cent) will be paid on both the ordinary [shares and the ordinary “B” [shares on April 24, ex dividend April 10.

be paid from the company’s share premium reserve, except where individual shareholders elect to receive equivalent dividends from taxable sources.

No significant improvement in trading is expected by the board in the second half of the financial year, but provided conditions do not deteriorate materially, the dividends for the full financial year should be maintained at the same rates as for the previous financial year, they say.