Spiers adjust to decline in housing

Press, 3 July 1978, Page 16

Spiers adjust to decline in housing

Wellington' The directors of M S. D. Speirs. Ltd. have announced a tax-paid profit for tbei group of $131,228. a decline of $546,521 on the profit for ♦ he year ended March 31, 1977. Included in this year’s profit is a write-back of deferred taxation of $83,962. Last vear’s tax provision was $487,308 net. Group turnover at $16,276,000 was down 10 per cent compared with last year's business. Land devel-| opment and home construe- 1

'non subsidiaries suffered! dramatic declines in trading) [because of the depressed! ,state of the housing market! ■ and lack of suitable home ■ mortgage finance. These sub- , sidiaries suffered significant I i:10S r “S. ' The group reports that it; adopted policies to reduce! i its investments in land and’ housing to suit the reduced! business in housing. The directors say that! they are confident their acj tions will correct the situ'ation. although this may'

rtake some considerable time.l They are recommending a I! final dividend of 5 cents a I share, making annual dividend payment of 10 cents a •share. Last year’s dividend I was 18 cents a share. The share register will close to determine dividend ■entitlement at 5 p.m. on August 15 and re-open at 9 I a.m. on August 16. The dividend will be payable on August 31, the date of the (annua) general meeting. The ( shares will be ex dividend •on August 11.