Odlins dividend raised

Press, 5 December 1979, Page 29

Odlins dividend raised

The interim dividend of Odlins, Ltd, has been raised from 2.5 c a share to 3c a share (6 per cent) after the unaudited group net trading profit rose 5.2 per cent to 51,859.711 in the six months to September 30. The company also looks set to do well in the final six months to March 31, after the directors said that October sales were up 16.8 per cent compared with the previous corresponding period. Although there had been no improvement in the building industry, and the

number of building permits issued for new houses continued to decline, group turnover increased 10.1 per cent to 560.4 M the directors said. Al! divisions of the group traded profitably and gross profit margins were generally maintained, but increases in salaries and wages, and other costs of operation, eroded most of the extra gross profit achieved by the increased turnover. There had been a substantial increase in the volume of exports, mainly in sawn

timber, wood chips., logs, and Zip manufactured products, the directors said. Future prospects were good, and because of a world shortage demand for wood products was increasing and better prices were now being received. On the future of the company, the directors said they were continuing to give priority to increasing exports, but at the same time were giving close attention to the local market, with the result that the group was obtaining a larger share of the business offering.

“The increase in the interim dividend is an indication of the confidence in the results for the full year.’’ the directors said. Not included in the final result was a capita! profit of $89,000. No adjustments were made ' for equityaccounting and dividends of $49,225 received from associate companies were included in the result. Last year these dividends totalled $273,225. The dividend is payable on February 29. ana will be partially tax-free.