Manthel set back

Press, 12 July 1980, Page 19

Manthel set back

The group net profit of Manthel Holdings, Ltd, fell: 64.4 per cent — from $478,000 to $170,000 — in the year ended March 31. the directors announced yesterday. Sales of the Wellington G. M. Holden and Renault distributor rose S per cent. The dividend is being reduced from 16 to 14 per cent.

However, last year's profit was assisted by tax losses carried forward and also the carrying forward of the trading stock rebate scheme. The latest result was after a tax provision of $149,000, compared with only $5OOO in 197°.

In addition to the net profit, an extraordinary capital profit from property sales of $44,700 was made — down on the- 1979 figure ■of $91,000.

At the beginning of the year, the directors warned shareholders they were expecting a "fighting year” and the half year profit was down 33 per cent from $151,000 to $lOl,OOO. On that basis, the company earned an even lower $69,000 in the second half of the latest year —

compared with $327,000 in the second half of 1979. The directors recommend

a final dividend of 8c a share making a total of 14c for the year, compared with 16c last year and an average of 14c over previous years. The dividend will be paid at 2c from retained earnings, and 6c tax-free, on August 22, ex August 12.