Brambles Burnett well placed for upsurge

Press, 4 November 1978, Page 19

Brambles Burnett well placed for upsurge

PA Auckland Brambles Burnett, Ltd, expected increased consumer, spending to be reflected soon in its results, the chairman (Mr N. Barclay) says in his review for the year to June 30. The group was wellequipped for any resurgence in business, but he noted that more than three quarters of the group’s activity was subject to price-control. The road-user charges had added a substantial burden in costs, and changes in political attitudes to transport patterns in the country had made forward planning:

extremely difficult, he says. "The transport and freight forwarding industries have both demonstrated responsibility and efficiency and rep- ! resent a large public investment. “They should be left largely to determine their own future in the light of econ- ! omic conditions, or at least seriously consulted on any impending changes,” Mr Braclay says. As announced, the group’s net profit tumbled from $1,132,105 to $470,471, in the year under review. The managing-director (Mr A. W. Aston) says in his rei view that this was caused

mainly by the marked decrease in freight volumes. Group sales dropped marginally by 1.8 per cent to 534.4 M. The profit was after providing $90,576 more for depreciation at $1,052,182, and tax provision was down from $655,467 to $33,970. The .earning rate on ordinary capital fell from 35.3 per cent to 14.1 per cent, while on average shareholders’ funds it was down from 18.0 per cent to 6.9 per cent. The dividend rate was; : held at 12 per cent (6c a share).