Dri-Copy loss cuts A. and S. profit 91p.c.

Press, 3 October 1979, Page 21

Dri-Copy loss cuts A. and S. profit 91p.c.

A substantial loss by Dri-p Copy New Zealand, Ltd. re-is duced the group net profit [1 of Armstrong and Springhall 11 Holdings, Ltd, 91.9 per centu to $33,894 in the year to; June 30, says the chairman'] (Mr J. D. Pottinger) in ah preliminary report. The other major subsi-i< li diaries of the group traded I well, but the improved re-j r suits from these companies [I Jwere unable to offset the I s $31.0,150 net-of-tax loss in-ll jlcurred by Dri-Copy New! e[Zealand, he said. e | Dri-Copy was caught holdel ing heavy stocks of equip- : 1 ment bought mostly when I the yen was at its peak and J when a new generation of , (copiers were available to competitors. A more advanced and I s highly marketable range ofll

i copiers were available to the i isubsidiary, but it had been I necessary to dispose of the i older equipment at reduced margins, Mr Pottinger said. I ; Trading since balance date! (had been encouraging, and (the directors felt justified in (proposing that lasi year's (dividend rale be maintained. Armstrong and Springhall (realised capital profits of I 18153.000 from the sale of its I Samoan subsidiary and a (building in Auckland. I The profit was after providing $37,239 more for, depreciation at $772,494, but! $100,308 less for tax at I $54,283. A tax-free final, dividend of 8.5 c a share makes a steady 14c a share (14 per (cent) for the year. The diviIdend is payable on DecemIber 3.