U.E.B. managed good recovery for year

Press, 15 June 1979, Page 6

U.E.B. managed good recovery for year

PA Auckland U.E.B. Industries, Ltd, in the year to March 31, increased audited net trading profit 7.3 per cent or $501,195 to $7,386,119, after sales increased $12.3M or 7.8 per cent to SI7OBM. For the half-year, the group reported a 16.0 per cent fall in profit to $2.5M.

Tax provided in the latest year was $781,238 whereas last year no tax was payable and $1305 was added to profis, because of export incentives, and the stock valuation adjustment. Profit before tax, minority interests and the share of profits of associate comj panies increased 36 per cent to $2.3M in the latest I year.

The profit after extraordinary items was 15 per cent at $7,332,992, compared with $6,374,703, and minority interests share of the profit was down from $743,993 to $557,733. The annual dividend rate is being maintained at 17 per cent, with a steady final payout of 11 per cent (5.5 c a share) on August 17, ex dividend on July 30. The final dividend is payable on ordinary shares allotted to the Trans Holdings. Ltd, specified preference shareholders. In their preliminary report directors say that the year's trading had not been easy, with reduced levels of activity’ in the first half-year. A stimulated economy in the second half-year pro-

duced higher retail sales, and restocking by retailers increased orders from the manufacturing sector, but competition remained intense.

Export sales increased $5.2M or 24.3 per cent to $26.6M, including higher sales of carpets, and yarn, in overseas markets while exports of packaging materials doubled.

The profit represented an unchanged 4.3 per cent on sales.

Acceptances totalling 88 per cent of ordinary snares, and 92 per cent of specified preference shares had been received in response to the take-over offer for the shares in Trans Holdings, Ltd, the report says.