Suckling profit up

Press, 4 December 1979, Page 22

Suckling profit up

The unaudited group net profit of Suckling Industries. Ltd, rose 9.5 per cent to $272,183 in the six months to September 19 on sales 28.3 per cent higher at 55.9 M. “While forward orders are satisfactory and profits for the current financial year to March 19 should exceed last year’s figures, there are signs of some slackening in demand and pressure on liquidity is building up,” according to the chairman (Sir Walter Hadlee) in a half-yearly report to shareholders.

A better volume of orders from retailers, in contrast to the depressed level of the previous corresponding period, enabled each factory to increase its contribution to group earnings, he said. “However, the over-all return on each sales dollar is still below the results of two years ago, reflecting continuing inflation and the inability to completely recover the sharp increases in overhead and financial costs.” In June. Sucklings acquired a controlling interest

in David W. Griffiths (19.9) Proprietary. Ltd. an Australian footwear importing and wholesaling company. The other shareholder in the companv is Crockett and Jones. Ltd. of the United Kingdom. The Australian company would provide a sales outlet for Suckling’s exports ot

footwear to Australia. i n . eluding a range of Crockett and Jones brands which would be manufactured m Christchurch under licence Sir Walter said The taxation provision rose $69,042 to $194,604, A steady interim dividend of 6c a share 16 per cent) has been paid