Manthel needs higher sales

Press, 16 August 1978, Page 27

Manthel needs higher sales

Manthel' Holdings, Ltd, needs a rise in sales volume, says the chairman (Mr M. N. Manthel) in his review for the year to March 31. The group had a net trad’ ing loss of $319,986 after sales fell 19.5 per cent to $19.3M in the year under review.

A write-back of provisions for deferred income of $76,922 and a profit of $52,101 on the sale of property reduced the net loss to $190'863. Unless sales increased more of the group’s outlets will be closed, Mr Manthel indicated. Increasing overheads coupled with a reduction in sales volume at the conipany’s New City Motors premises in Porirua made it

no longer profitable and it was sold.

For a similar reason, the decision was made to close the Upper Hutt branch, which sold both new and used Vehicles, and also the Wainuiomata used car outlet. The profit was after depreciation $40,639 lower at $66,353. No tax was payable, compared with $176,450 in the previous year. The dividend rate was cut from 14 per cent to 10 per cent, an-d this requires $29,912 less at $75,704. Shareholders’ funds were reduced $222,009 at $3,561,342 including ordinary capital $2400 higher at $755,600. Term liabilities were $69,926 lower at $953,821.