Recovery for H. Pollard

Press, 6 December 1979, Page 25

Recovery for H. Pollard

Henderson and Pollard, Ltd, increased unaudited group net profit 95.7 per cent to $642,000 in the six months to October 31. The latest profit is after tax $135,000 higher at $247,000 and sales 46 per cent higher at SI2M. Despite the severe economic downturn and its undoubted effect on the building and construction industry, demand for the company products was strong in both the domestic and overseas markets, the directors say. “As a result, we have sold sawn timber at buoyant

levels, and out manufacturet products, especially plywood, have been so keenlj sought that, at this point, output is fully committed until the end of the financial year on April 30.” Exports were about 1.5 times last year’s level, but no figures were given. Substantial overseas borrowing by NZ Particle Board, Ltd, which is jointly owned with NZ Forest Products, Ltd, has been refinaced on a basis bringing a considerable saving in interest. “But,” said the directors, “it should be recognised that

i significant lift in home Hiilding in New Zealand will >e the most positive route ty which the profitability of the Kumeu company can be restored.” The statement also noted the successful establishment and integration of the Ruatapu Sawmill, Ltd, on the west Coast of the South Island. The directors said it was expected that trading in the second half-year would follow closely the pattern of the first six months. A steady interim divident of 4c a share is payable . today.