‘Care with tenders’
PA Auckland It. is disappointing that Government tendering authorities do not pay sufficient attention to New Zealand added values according to the chairman of Smith Biolab, Ltd (Mr D. G. E. Brown), in the annual report. .Mr Brown reports that company exports for the 14 months to March 31 increased from $340,000 to $650,000. As previously reported the company earned a tax-paid profit of $1,001,592 in the 14month period an annual rate of $858,507. This compares with $700,406 for the previous 12 months. Sales were
SIS.SM (an annual rate of $13.5M compared with §lO.B M). Investments were made in two manufacturing companies. The consolidated balance sheet shows current assets up $2.24M at $7.27M. Current liabilities are $1.24M higher at S3.BM and shareholders’ funds are 51.09 M up at $4.5M. The dividend of 8.5 c a share (17 per cent) is covered 3.5 times compared with 4.3 a year ago. The earning rate on ordinary shareholders’s funds is 19.3 per cent, down from 21 I per cent.
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Press, 12 August 1980, Page 23
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169‘Care with tenders’ Press, 12 August 1980, Page 23
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