Marac down 12 p.c.
The unaudited group net profit of Marac Holdings, I Ltd, fell 12.6 per cent to §1,361.000 in the six months! to September 30. The profit was after providing $925,000 for tax com-: pared with the previous! year's provision of 530.000 which reflected the then availability of export tax in-. centives, the directors say. In addition, it has been necessary to provide 5723.000 (pre-tax) for! adverse exchange rate movements on overseas borrow-! ings as at the balance date of September 30 which fell during a period of uncertainty on the world’s foreign exchange markets. Exchange rate movements since balance date have been! mostly favourable and as at! the date of this announce-: ment a significant part of! this provision is no longer required, they say. In line with standard prac-i tice the directors have re-j viewed the group’s receiv-l ables and consider adequate' provision has been made for '■
: all necessary adjustments byi I way of write-offs which >!have been in line with nor-!: Imai trends. : In addition a further sum!! ’of 5165.000 by way of pre-!-jtax transfer from profits to! ! the unallocated provision for! doubtful debts have been! made in line with the group policy of continuing to build up this provision. The provision now stands 1 in pre-tax terms at > !$ 1,186,000. Taking into account the ! forementioned provisions the directors consider the result:' !f> .■ the six months to be sat-!; isfactory and although short-( t term economic conditions;, are not too conducive to ! material growth they antici-p pate an improved result in t !the second-half of the year. Total assets (excluding !< (discounts) at SIB3M show ai< [slight increase on the March t (31 assets. :t A steady interim tax-free: ,dividend of 7.5 c a share (7.5 i 'per cent), is payable onia January 8, ex dividend on' 'December 13. Last year theF
[interim dividend was made, lup of 5 per cent from the ‘share premium account and 2.5 , per cent from profits.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19781109.2.124.14
Bibliographic details
Press, 9 November 1978, Page 21
Word Count
325Marac down 12 p.c. Press, 9 November 1978, Page 21
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.