C.P.D. profit falls 18p.c.

Press, 15 June 1978, Page 14

C.P.D. profit falls 18p.c.

The unaudited group net profit of Cable Price Downer, Ltd, fell 18.4 per cent to $5,398,000 in the year to ■ March 31, the directors say i in a preliminary report. This represents a drop in i the earning rate of shareI holders’ funds from 18.6 per !cent to 12.7 per cent. But the ratio for the Well-ngton-based engineering, construction, merchandising, and manufacturing group is higher than in 1976, when the profit was $3,622,000. “Although the year’s results fall short of the exceptional results of the previous year, they exceed the results of any other prior year by a substantial margin. “This is a particularly meritorious achievement in the light of the prevailing trading,” the directors say. Group turnover rose a marginal 1.4 per cent to $186.1M, while pre-tax profits were down 35.3 per cent to $11,675,000. The profit was after providing $3OOO less for minor-

I ity interests at $9OOO, and | $2,780,000 less for tax at I $2,161,000. There was an exchange gain of $16,000 compared with a loss of $105,000 previously. Shareholders’ funds rose $4,048,000 to $47,124,000. A final dividend of 7c a share is recommended, making a steady 14c a share (14 per cent) for the year. The dividend requirement is covered 2.6 times, compared with 3.3 times previously and 2.1 times in 1976. The dividend is payable on August 29, ex dividend on August 9.