Winstone profit falls

Press, 13 June 1978, Page 19

Winstone profit falls

The group net profit of Winstone. Ltd, fell 22.2 per cent to $6,707,000. including equity profits down 28.8 pet

cent to $493,000 from the main associate companies, in the year to March 31. The directors say in the preliminary report that the profit decline is disappointing. but view the result as being as good as could have been expected having regard to the genera: i economic downturn, and the (considerable contraction in the building and construction industry. Group sales of SIS7M. (were 5.3 per cent lower (than in the previous year The profit was after providing $215,000 more for depreciation at $2,575,000. but $1,776,000 less for tax at : $2,496,000 and a further $685,000 less for deferred lax at $462,000. Interest charges rose $517,000 to $4,303,000. The stock valuation adjustment introduced by the Government in December, 1977, reduced the provision for tax by $399,000. Dividends from associate companies and other investments rose $145,000 to: $1,071,000. There was an extraordinary loss of $378,000,

compared with a protit of 54,957,000 previously. Issued capital was raised $6.2M to $29,351 during the year after the alloting of the issue of specified preference .shares.

A recommended final dtvidend c-i 4 25c ;< share makes a steady 7c a share :14 per cent) fei the year The tax tree d:\idend is payable on August 11, ex dividend on Ju a 21.