Rex Consol to pay 15c

Press, 11 May 1979, Page 16

Rex Consol to pay 15c

Rex Consolidated, Ltd, increased net profit 11.6 per cent to about $900,000 in the year to March 31, and is increasing its annual dividend rate to 15c a share. The group result, which is subject to audit, is after' providing $20,408 more at $297,071 for depreciation, and $127,154 more at $473,979 for taxation. Sales increased 18.8 per 1 cent to SIO.BM. The chairman (Mr L. N. ! Ross) says that, as reported 1 at mid-term, the year began : quietly, but a significant improvement in the second--1 quarter continued through ’ the second half-year with ■ strong demand for the company’s products in domestic, I and overseas, markets. “A pleasing feature was a strong surge in exports, . with sales overseas increas- • ing 52 per cent above the ■ previous year. “The flow of orders from

overseas is continuing at a high level, with every indication of 1978-79 being another good export year,” Mr Ross says. Shareholders’ funds at March 31 were $6,576,000, on which tax paid profit shows a return of 14 per cent, an improvement of 0.4 per cent.

The directors propose a final dividend of 8c a share (8 per cent) payable July 20, ex dividend on July 12. making a 1c higher total of 15c a share. The total dividend requires $375,111, which is covered 2.45 times by the profit.