Carbonic Ice remains busy

Press, 2 June 1979, Page 18

Carbonic Ice remains busy

Carbonic Ice. Ltd, reports, that unaudited net profit for the group for the six months to February 28, was down 9.2 per cent at $92,012, which includes taxation credits of $46,012 (1978 $51,531), but the results are considered to be saisfactory in the light of work under construction at balance date. The manufacture, and export, of large CO2 gasproducing systems is the group’s major activity, and source of sales. With a manufacturing period for some items spanning many months, shipments, and profits, are spasmodic, and unevenly distributed throughout the year. It has been a firm company policy not to anticipate profits on plants under construction. As expected, the downturn in the building industry has had a detrimental effect on fire extinguisher sales, which are currently running below 1978 levels. The period under review

incorporates the first six| months results from the newly acquired subsidiary,! Kenny Industries, Ltd. Safes for the period by kenny, mainly in pneumatic equipment, are up marginally on the 1973 figures, but the board expects that it will be some time yet before any significant contribution can be expected from this company. Full advantage has been taken of all export incentives available to the group in assessing the taxation position, and taxation for the first half of 1978 was on a similar basis.

Prospects for the company’s exports remain encouraging, and production is committed past the end of the current financial year. Local sales are expected to increase during the next 12 months, as a result of an improved range of pneumatic products being offered by Kenny Industries.