Marac down 12 p.c.

Press, 9 November 1978, Page 21

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.