McAlpine bonus

Press, 20 November 1978, Page 18

McAlpine bonus

PA Aucklandj McAlpine Prestcold. Ltd,: annual review says that in; most sections of the group, orders are down on last year’s levels, but these will provide a reasonable level of sales for the first six months, and the prospects for the remainder of the year are less certain. \ The removal of the Trading j Stock Adjustment Scheme will result in a greater proportion of the 1979 profit being absorbed by taxation. As reported, the company [increased net profit 20.4 per cent, or $155,767 to [5918,212 in the vear to Julv 31. j Shareholders will be asked to approve a one-for-fivel bonus at the annual meetingj next month. This follows ai one-for-six bonus last December.

The latest profit was after 'depreciation $7785 higher at $78,467, and tax $84,418 lower at $530,930. The earning rate on capital rose from 74.1 per cent to 80.4 per cent while that on shareholders’ funds rose from 20.7 per cent to 20.9 per cent. The dividend rate is steady at 16 per cent (8c a share), but with the new bonus shares qualifying for the 9 per cent final, the payment equals a 17.8 per cent rate on pre-bonus capital. The ordinary dividend requires $28,600 more at $181,870. Shareholders' funds rose $725,890 to $4,812,908. including ordinary capital :$145,905 higher at $1,021,737. j reflecting the 1977 bonus issue. ■ Term liabilities were [5146,476 higher at $856,812.