Good prospects for Carb. Ice

Press, 15 December 1979, Page 20

Good prospects for Carb. Ice

The prospects of Carbonic Ice, Ltd. are bright, and there are no shortages of I orders or work in the finan-i cial year to August 31.1 according to the chairman; (Mr C. C. Holland) at the; annual meeting yesterday. There were two factors for the 33.3 per cent fall in the group net profit tex-' eluding extraordinary items) in the year to August 31 — both related to the acquisition of Kennv Industries. Ltd. In the previous year no; figures from Kenny In-; dustries were included in the annual accounts, but in the last financial year depreciation on the plant of the subsidiary and the high interest rates on borrowing to finance the acouisition were included in the account, Mr Holland said. ; “There have been difficulties and misunderstandings at Kenny Industries, but largely through the tact of Mr W. B. Beaven (a director of Carbonic Ice) these have been overcome.” The prices of the products of Kennj' Industries had been increased, a new range of cylinders' was being produced, and a new agency had been arranged in France

for a range of valves, Mr I Holland said. Shareholders could expect an improved profit from the , I subsidiary in the present I financial year, and in fut-j jure years, he said. i Mr Holland also explained i i| the large increase in sundry: debtors from $341,626 to ■ i $609,915 in the annual! i accounts. Orders for Nigeria and Pakistan had been held at the ,j factory because the govern-, | merits had not allowed: money to be remitted fori ■ the goods. Mr Holland said. k