A. Barnett nets 10.1 p.c. more

Press, 19 August 1978, Page 19

A. Barnett nets 10.1 p.c. more

The sales of Arthur Barnett, Ltd, increased 6.6 per cent to 512.8 M, and net profit 10.1 per cent to $603,800 in the vear to June 30. The stock valuation adjustment which applied to this year’s results reduced the taxation payable by $63,100, and the provision was down $41,800 to $346,300. The directors recommend to shareholders a final dividend of 8 per cent plus a s e v e n t y-fifth anniversary bonus dividend of 2 per cent, making a total of 16

| per cent, 16c a share for jthe year, compared with 14c a share previously. It is also recommended ;that a bonus issue of one-for-five ordinary shares be made to shareholders on the register of the company on October 5. This issue will not qualify for the dividend mentioned above. The directors have allocated to the staff 74 per cent of the profit — amounting to $45,200 (1977 $41,100). Total expenses rose 11 i per cent during the year, including ‘ a 10.3 per cent increase in wages, the directors say.