Commercial Spedding trades for $418 loss

Press, 23 June 1978, Page 11

Commercial Spedding trades for $418 loss

Spedding Consolidated, Ltd, reports that for the \ear to March 31 unaudited iigures show a net trading loss before taxation of $4lB, In the previous year the group earned $771,933 before tax. Non-trading profits in the latest year, of $162,119 give a net of $161,701 compared with $428,006 in the previous year. Included in the $162,119 n o n-trading profit is I $150,083 in recognition of I future tax benefits and tax| effect accounting. The turnover of the group! was about the same as inj the previous year, even;

though it includes ten

months trading by International Foods (1976) Ltd. The year’s trading results reflect the serious downturn on the marine division, and products associated with the building industry, increase in promotional costs, and other overheads along with the costs of servicing borrowed money, the directors say. At the annual meeting on Septemper 7, the directors ‘ will recommend an unchanged final dividend of 10 per cent (5c a share) to pe •saounos aarj-xet tujoxj pred The recommended final dividend maintains the annual rate at 10c a share. If approved by shareholders, the final dividend

will be mailed on September

Dividend election notices relating to payments of dividends from tax-free sources will be posted to shareholders on July 18. At the annual meeting shareholders will also be asked to approve the transfer of $23,434 to a bonusissue reserve account, to cover the issue of bonus shares, in the ratio of one ordinary share for every ten ordinary shares on ’ conversion of the specified preference shares on April 1, 1983. The company made a one-for-10 bonus issue to ordh nary shareholders in September.