Alcan pays more

Press, 4 March 1978, Page 19

Alcan pays more

Alcan New Zealand, Ltd, has raised its annual dividend rate from 9c a share to 10c a share (20 per cent), after the equityaccounted group net profit rose 17.8 per cent to $1,777,000 in the year to December 31. Although demand for the company’s products dropped during the final six months, turnover and profit for the year were higher than those achieved in 1976, says the chairman (Mr J. B. Clarkson) in a preliminary report. “As anticipated, there was a significant reduction in turnover during the second-half because of the downturn in the economy which particularly affected the building trade. “The company -had been successful in containing cost during the second-

half, and this contributed to. the satisfactory profit.

“Orders received so far in the new financial year are at a slightly higher level than that experienced late last year, but the uncertain economic climate makes it difficult to forecast the future, Mr Clarkson says. Turnover rose 10 per cent, and there was a realised exchange loss of $244,000 ($286,000 previously). The profit was after providing $235,000 more for tax at $1,314,000, and the tax relief from the trading stock valuation adjustment of $152,000.

A recommended final dividend 6c a share, 2.5 c tax-free, is payable in May 1, ex dividend April 21.