Joseph Nathan sees no improvement

Press, 9 May 1978, Page 34

Joseph Nathan sees no improvement

Joseph Nathan and Co. (Ltd, will pay an unchanged interim dividend of 4 per cent (4c a share) on May 26, ex dividend May 15, but the directors see no improvement in the building industry. It was outlined in last year’s annual report that the tightening in demand for the group’s products towards the

■ end of the last financial I year, together with sharp in- " creases in costs, made fore- , casting this year difficult. In ! addition, action that the I Government has taken to I stimulate the building trade | has not yet shown any rei suits, the directors say, re- ■ ports the Press Association. If anything, the situation ’ has deteriorated further and consequqntly the turnover for the six months to February 28, compared with the first six months of the last year, shows a drop of 19 per cent, whereas costs increased 24 per cent. The pattern in recent years has been for the second half of the year to show a distinct improvement on the first half but under the present conditions no significant improvement is forecast by the directors. The unaudited net profit for the latest six months was $20,185 and due to tax concessions on stock no tax'-1 ation is payable. This profit compares with $7359 for the previous corresponding halfyear and $43,930 for the last ■full year. Mr T. M. Pacey has retired from the board and Mr ’ L. A. Cameron has been apipointed to fill the vacancy.