C.M.I. generous; profit steady

Press, 26 May 1979, Page 19

C.M.I. generous; profit steady

Consolidated Metal Industries, Ltd, is planning to raise the annual dividend rate one per cent, and make a further one-for-10 bonus issue, after earning a steady profit in the year to march 31. Group earnings on an equity basis, for the latest year were about $1,405,000, the directors say. This is less than 1 per cent ahead

• of the $1,392,893 earned in > the previous year. I A final dividend of 9 per > cent is recommended, raising > the total rate from 16 per ' cent to 17 per cent (8.5 c a i share). The latest bonus follows i the one-for-10 made last t year to mark the company’s , Silver Jubilee. > Shares issued in this II bonus rank for the latest , year’s full dividend, making the payout equal to an 18.7 per cent rate on pre-bonus capital. The shares to be issued in the new bonus will not take part in dividends until the next interim, due in december. Sales by the whollyowned subsidiaries in the i latest year rose 9.7 per cent i or $1,500,000 to SI7M. Turnover by associated ! companies rose 26.5 per cent ' to $8,200,000. Tax for the year substan- • tially increased to about $939,000, reflecting the loss 1 of the stock allowance of I $86,240. In the previous year ’ tax required $724,323. The final dividend (2.5 per - cent tax-free) is payable on July 25. Shares will be ex dividend on July 12.