D.B. ahead 19 p.c. in half-year

Press, 29 November 1978, Page 22

D.B. ahead 19 p.c. in half-year

FA Auckland Dominion Breweries. Ltd. has increased its profit 18.8 per cent in the first half of the current year, after sales’ revenue roee 7.5 per cent, compared with the previous corresponding six months. The profit for the six months to September 30 was up $327,000 to 52.070.000. However, it did not include dividends from, andl the share in earnings by associated companies, normally brought into the accounts in the second half-

year, the chairman (Sir Henry Kelliher) says in the l report. The profit also excluded unrealised exchange profits of $285,000 net of tax. The result was after tax $451,000 higher at $2,584,000. depreciation increased $Bl,OOO to $2,016,000 and minority interests of ! $317.000 (up $56,000). ■ Although total industry! sales of beer declined, the, group maintained its sales; volume, and increased its; market share, the report says.

There was a significant reduction in overheads, including a tax-paid reduction of $139,000 in interest on the notes, now converted into shares. The interim dividend is steady at 7 per cent (3.5 c a share), bat it is payable taxfree on December 21 from share premium reserves Shares will be ex dividend ton December 5: j Last year, the terta! divi■dend was raised from 15 per ■cent to 17 per cent after a 40.4 per cent rise tn profit to $6,516,793.