S. Biolab made export gains

Press, 11 July 1979, Page 20

S. Biolab made export gains

PA Auckland Exports by Smith-Biolab. Ltd, manufacturer and agent of products for health, science, beauty, plastics, and packaging, reached $340,000 in the year to January 31. Products are being developed and manufactured, in the health, and scientific fields, for export markets, the chairman (Mr D. Brown) says in the annual report. “This sector has been sadly neglected in New Zealand, mainly because social policies of free-medicine provide skilled clinicians little incentive to develop products for New Zealand, and export requirements,” he says.

| The provision for tax was $230,000 higher at $527,000, after export sales made for la tax-saving of $44,834. 9 I Record net sales, *of !$10,850,914, were up J 1.4 jper cent. Chemac Laboratories, Ltd. Lower Hutt, joined the group lasi November and iis agencies filled gaps in the group’s health and science technology, particularly in the areas of polution monitoring, environmental care and energy saving. . . The company’s broader national distribution, made for good sales and Chemac should prove to be a good investment, the report says. The group’s net profit increased $144,029, or 26 per cent, to record $526,842, of which the dividend, raised from 15 per cent to 16 per cent (8c a share) requires $155,251 in addition to th« $33,360 for preference dividends.

The earning rate on funds increased from 22.2 per cent to 22.7 per cent. Shareholders’ funds were $475,000 higher at $3,453,000. including ordinary capital of $984,000, and $278,000 preference capital. : Term liabilities rose $315,000 to $537,000.