Profit fall for Tappenden

Press, 14 June 1978, Page 25

Profit fall for Tappenden

The unaudited group net profit of Tappenden Industries, Ltd. fell 29.3 per cent to $531,196 in the year to March 31, the directors say in a preliminary report. “The further decrease in the second-half is a result of the continuing difficulties incurred by the motor company, and a deterioration in general trading in the last four months which affected other group companies. “This was particularly in the sale of products to timber industries and , heavy equipment companies.” The pre-tax profit fell 28.4 per cent to $613,618, and the group profit was after providing $568,524 less for tax at $82,422. There was a stock valuation adjustment of $815,220. A final dividend of 6c a share is recommended, making a steady annual rate of 12c a share (12 per cent). Of the dividend 3c a share will be tax-free, making 5c a share from that source for the year. The final dividend is payable on August 17, ex dividend on August 3.