Tax change reduced H.B. gain
Hallensteins, Ltd, reports that in the half-year to December 31 sales increased $1,673,000 or 15.7 per cent, to $12.1M.
Unaudited profit before tax was $1,042,000, an increase of $133,000 or 14.6 per cent, but taxation provision at $473,000 is $123,000 more than at the same time last year, and net profit rose only 1.8 per cent to $596,000. Last year’s provision of $350,000 had been reduced by $56,000, being the trading stock valuation adjustment, now discontinued.
An unchanged interim ordinary dividend of 7 per cent (7c a share) payable on February' 23, but this dividend will be tax-free from share premium account in the hands of shareholders I who have so elected, and applies to the one-for-five bonus issue made since bal-ance-date.
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Press, 3 February 1979, Page 16
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127Tax change reduced H.B. gain Press, 3 February 1979, Page 16
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