Spedding back in profit

Press, 16 August 1978, Page 26

Spedding back in profit

PA Aucklant Spedding Consolidated Ltd, expects that its marim division will return to earn ling a profit in the curren i year, says the chairman (M IF. H. Reynolds) in the annua I report. Never before had he seei such a slump in demand a: I last year for outboard motor: land stern drive units, ii i which Spedding in the pas I “enjoyed very considerabli ’ turnover.” I Trading had also beei ; most disappointing for re Icreational, building products and home appliances, bu Trading for the June quartei was satisfactory and profit able, “and I see no reason whj this trend should not con jtinue,” says Mr Reynolds. 1 As reported, Spedding hat a trading loss of $4lB ant non-trading profits of $l6l,

1 701 in the year to March 31, compared with a net trading , profit in 1976-77 of $428.006,. . I when non-trading profits .'Were nil.' The group is widening its; -Irange of export activities — I ranging from foodstuffs to; liquified petroleum gas applii ances. Its subsidiaries Potter; ; Industries, Ltd, and Inter- ; national Foods (1976), Ltd —i i the latter acquired last year t — are making good contri- ! butions to group results. A note in the accounts: estates that as a result of; •Trading losses and other , allowances eligible to be carried forward and offset ■against future taxable in--I come, there is a future tax ■ benefit of $122, 745. ■I The company is paying a steady 5c (10 per cent) final lidevidend and the annual rate: lihas been raised 1c a share to! 111 c a share.