Bailing dividend 3-25c

Press, 29 November 1978, Page 22

Bailing dividend 3-25c

Ballins Industries, Ltd. has ■ begun its second century jwith a higher profit for the I six months to September 30,

and the interim ordinary dividend has been raised. Group turnover rose 8.2 per cent and the unaudited net profit, on an equity basis, increased 7.4 per cent to $932,977. “When considering the results for the six months it must be borne in mind that the company’s earnings in the second half of the financial year are traditionally higher than those for the period to September, says the chairman (Mr B. J. Wilks). “The board is conscious of the present state of the economy, but historically our industry has not been subject to very severe downturns and. as current group ■ turnover continues to he ■ above last year’s levels, ’there is every expectation

that the company's results will continue at a satisfactory level for the balance of the trading year.” he says. An interim dividend of 61 per cent (3.25 c a share) amounting to $501,770 has been declared. This will be paid 1.7 c from share premium reserves (which will not be liable for taxation in the hands of shareholders) and 1.5 c from trading profits. The effect of paying the increased dividend rate | per cent on capital increased by the l-for-8 bonus issue is to raise the effective rate on the pre-bonus ordinary capital to 7.3 per cent. The dividend will be paid on January 9. Th? profit was after providing $36,802 more for tax at $392,364.