Ashley returns to profit
NZPA Sydney The recovery by Ashley Wallcoverings, Ltd, a subsidiary of James Hardie Asbestos', Ltd, in New Zealand, was achieved by streamlining the manufacturing process and by the successful launching of a new range of wallcoverings, says the managing-director of .lames Hardie (Mr D. K, McFarlane) in the annual report. The chairman of James Hardie (Mr J. B. Reid) says in the report that two prob* lem areas of the company — Reed Irrigation Systems of California and Ashley Wallcoverings of New Zealand —
turned a loss to a profit earlier this year. In spite of an over-all weakness in the building and housing market and a far-from-buoyant water supply and sewerage sector, the market share of James Hardie Asbestos grew in 197879.
The company plans to increase its market share again in the present year, Mr Reid says.
In the year to March 31 last, James Hardie paid a dividend of 17.5 c a share (17.5 per cent) and it is expected that the 1979-80 annual dividend will be not less than this amount.
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Press, 18 July 1979, Page 23
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177Ashley returns to profit Press, 18 July 1979, Page 23
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