Clyde Group half not as good

Press, 15 April 1980, Page 36

Clyde Group half not as good

Clyde Group, Ltd. has reported a 17.4 per cent fall in net trading profit to $199,000 for the six months to February 29. This was after a rise in turnover of 1.2 per cent to $9.7M, and no liability for tax ($23,000 liability last year). A carryover of taxation benefits is still available from the previous year. The company’s Auckland property was sold in December, and leased from the new owners. This resulted in a surplus over book-value of $91,500, which is not included in the trading figures. Atlas Steels (NZ), Ltd, ceased trading on January 31, 1980, and the assets were s.old to Southward Engineering Co, Ltd, for a cash consideration. The results of Atlas Steels’ trading for the five months to January 31 are included. As a consequence of actions taken, shareholders equity in the assets .of Clyde Group improved from 33.2 per cent to, 40.35 per cent. ?''

An unchanged interim ordinary dividend of uc share, as a distribution troru capital reserves, tax-free m shareholders’ hands, is payable on June 27. Messrs P. L. B. Goodman and O. R. Gunn have accepted invitations to jom the board of Clyde Group, Ltd.

Mr Goodman is deputy chairman, Goodman Group Ltd, and a director of Bonds (N.Z.), Ltd. Aulsebro.oks, Ltd, Quality Bakers NZ, Ltd, NZ Flour Mills, Ltd. NZ Bakeries, Ltd, H. Baigent and Sons. Ltd, and a number of private companies. Mr Gunn is chairman or Aulsebrooks, Ltd, and a directors of Goodman Group (NZ), Ltd, Gollin (NZ), Ltd, and various private companies. The chairman of Clyde Group, Mr H. Foster said that Mr Goodman and Mr Gunn each have beneficial interest in 15 per cent of the share capital.