MSI returns improved

Press, 12 October 1979, Page 22

MSI returns improved

PA Auckland; MSI Corporation,. Ltd, is experiencing a considerable improvement in the returns from its traditional vehicle! parts business, and its widespread trading activities, the • companys chairman (Mr W.I D. Barclay) says in his annual review. The record profit, and' sales, in the year to June 29; reflected the company’s diversification, and new* products, methods, and tech-; nology. The company has been firmly established in the supply of conversions of units to alternaive fuels, and;

|is also supplying dual fuel; engines for commercial, and': industrial applications. The corporation regards! I this activity as a logical and }: profitable expansion of its' i traditional activities. 11 Because of MSl’s overseas'! connections, manufacturing 11 I licences, and experience in} ! this area, it is well placed .top imeet competition, as it may}] develop, the report says. } As reported, the group in-1 (creased net profit 15.5 per} I cent to 53,123,437 in the lat-l est year. Sales rose 19 per cent to}; a record S6IM. The annual (dividend rate is being in- I

;creased from 17 per cent to! 120 per cent (10c, a share) or! }22.5 per cent on capital be-} (fore the one-for-four bonus' [issue earlier this year. ! The profit was after tax | 1$ 9 8 2,94 0 higher at| '51,767,422, and depreciation: [554,791 lower at $864,595. i | The return on average! (shareholders’ funds im-i [proved from 14.2 per cent to [14.4 per cent. Shareholders’! ifunds increased $2,186,854 to; ($22,892,711 — an increase' (which Mr Barclay says is [entirely from internal; growth. Term liabilities were down $18,567 at $9,109,925.