N.Z.M.C. profit 14.2 per cent higher

Press, 7 June 1980, Page 18

N.Z.M.C. profit 14.2 per cent higher

PA Wellington The audited tax-paid profit of the New Zealand Motor ' Corporation Ltd, for the year ended 31 March, was. $6,670,000, the chairman of the corporation, (Mr L. M. : Papps), announced today. I The profit is 14.2 per cent higher than last year’s fig- < ure, ($5 840,000), on a turn- ; over 0f'5207,571,000 corn-; pared with $184,552,000 last < year. 11

This year’s provision for tax is $2,746,000, $366,000 less than last year. Included in the profit figures is a sum arising from the realisation of assets of $2,055,000, compared with $1,281,000 last year. Mr Papps said that the directors have recommended a final dividend of 9 per cent — a total for the year of 15 per cent. This would be paid to shareholders on

•'the register at 4 p.m.- on H August 15. I This final dividend will be i paid on August 26, and will ibe paid from realised capital ’ gains (and will accordingly i be tax-free, except in respect lof shareholders who have :■ elected to receive dividends II from trading profits). j Commenting on the year’s results, Mr Papps said, “The {directors consider this to be a good resuk in the light of difficult trading conditions. The figures do not include any contribution from Group Rentals New Zealand, Ltd. “During the year, the corporation concentrated on increasing the efficiency and profitability of its motor business, while, towards the end of the year, making a major diversification move in the acquisition of Group Rentals, New Zealand, “Working from .a broader earnings ' base, including exporrs, the corporation is ; well-placed to meet any change in the market situ- : ation and to maximise op- ' portunities for new projects as well as growth,” said Mr ' Papps.