D.I.C. profit down 47 per cent

Press, 17 February 1978, Page 16

D.I.C. profit down 47 per cent

! The unaudited net profit iof D.1.C., Ltd, for the half[year to January 31 fell 47 per cent to $189,000 after providing $75,000 for tax. I Short-term costs incurred | with the acquisition of the | [ Beaths Christchurch stores [ • have adversely affected this] result, but the directors remain confident of the longterm benefits of this, j Turnover rose 19 per cent !to $15.2M, but after adjusting for trading in Beaths in [ this year’s figures, sales show [ a decrease of about 1 per [cent, compared with last year

Straight-line depreciation increased $52,000 over tax rates. A half of the 5 per cent taxation allowance on stocks has been taken into account.

The second half of the financial year usually provides a larger proportion of turnover and profit, but the uncertain trading outlook, combined with anticipated

non-recurring costs during the second half of this year indicate that there may be a reduction in profit for the full year. The directors expect that, provided there is no further significant deterioration in trading conditions, a dividend no less than that of last year will be declared [for the full year.