Good year for A. Barnett

Press, 22 August 1979, Page 19

Good year for A. Barnett

Arthur Barnett Ltd, Dunedin retailer, increased sales 17.6 per cent to $15.1M and pre-tax trading profit 22.9 per cent to $1,229,100 in the year to June 30. Tax payable is $566,300 (1978 $396,300), leaving a tax paid profit of 10.3 per cent higher at $662,800. In addition, a capital pro-

■ fit of $101,200 (last year nil) ; was realised, making total . profits for the year of 1 $764,000 (1978 $603,800), an 1 increase of $160,000 or 26.5 ! per cent. The provision for taxation I was reduced $63,100 in the i previous year by the Stock ■ Valuation Adjustment allowance, which applied for that year only.

I The directors are recomI mending to shareholders a ’ final dividend of 9 per cent, i making a total of 16 per > cent (16c a share) for the year, and an increase of 2c a i share. : The dividends for the lat- : est year are covered 3.6 times by net trading profits. The directors have allocated, for staff profit-partici-

■ pation, 7J per cent of the i trading profit, amounting to , $49,700 (1978 $45,200). Total expenses rose 11.4 per : cent during the year ini eluding a 15.1 per cent increase in wages, the report • says. > Dividend warrants for final dividend will be posted ■ on October 3, the date of the annual meeting.