Teltherm profit down
The loss of the stock valuation adjustment allowance and the loss by a new subsidiary, Thermal Electronics, Ltd, caused the unaudited group net profit of Teltherm Industries, Ltd, to fall 12.7 per cent to $351,536 in the year to March 31, the directors say in a preliminary report. The future of Thermal Electronics, in the shortterm, has been adversely affected by price-cutting on the international market, they say. Although current export trading opportunities have been reduced, valuable technology has been acquired and an efficient production unit established.
Excluding the loss by Thermal Electronics and the benefit of the stock valuation adjustment, the net profit was up abopt $3OOO or I per cent, the directors say.
The profit was after providing $26,122 to $271,797 in tax.
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Press, 28 May 1979, Page 18
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128Teltherm profit down Press, 28 May 1979, Page 18
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