F.T.C. profit rises 17 p.c. to $5.5M
PA Auckland Farmers Trading Company, Ltd, has asserted yet again its position as the country’s top retailer with another solid performance in the March 31 year. The directors reported an unaudited tax-paid profit of $5,483,315, which is 16.8 per cent higher than 1979 earnings of $4,696,033. The company has achieved a remarkable growth in earnings over the past two years — nearly doubling the 1978 profit of $3 million. The directors have recommended a tax-free final dividend of 6c a share (12 per cent) payable from the share premium account on July 10, ex June 22.
The dividend is 0.5 c higher than the previous year’s rate, which itself was 0.5 c higher than the 1978 final dividend.
Together with the 0.5 c higher interim of 3c, the Sc
total is 1c more than 1979’s 'rate. Included in the result is a provision for deferred profits and interest on time payment debtors amounting to $ 9 96,1 1 4 (1979, $1,789,641). Tax was $4,480,414 ($3,795,101 last year). Sales rose a moderate 13.5 per cent, or $16,954,536, to $142,424,465.
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Press, 31 May 1980, Page 19
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183F.T.C. profit rises 17 p.c. to $5.5M Press, 31 May 1980, Page 19
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