Cory-Wright profit falls

Press, 20 December 1978, Page 24

Cory-Wright profit falls

The directors of Cory- [ Wright and Salmon. Ltd, do I not expect the profit in the [final six months to March [3l to match the result for [the previous year. j This is after announcing [that the unaudited group net profit fell 65.6 per cent to [589,275 in the six months to [September 30. The result included the [share of retained earnings of I $33,583 ($59,583 previously i in an associate company,

• and was after providing i $176,777 less for tax at 1 $48,097. i; The decline in profit is ■ attributable to the continued, [depressed stale of the build-j t'ing and transformer inHdustries, the directors say. > Profitability of Tyree>i Power Construction, Ltd. the [company’s major subsidiary. ! suffered because of delays in f[ invoicing several large iitransformers to local power .'authorities, after impulse

testing had to be earned out in Australia. It is envisaged that Tyree- , Power will achieve a much better result in the six months to March 31. In line with the recommendation announced in the 1978 annual meeting, the company is to pay its first interim dividend of 5c a share (5 per cent!, payable on February 28, ex dividend on February 9