Good recovery by Motor Traders

Press, 21 October 1980, Page 30

Good recovery by Motor Traders

The audited net profit of Motor Traders (N.Z.) Limited for the year, to July 31 increased 18.8 per cent over the previous year, after a first half loss of $66,1)00 was reported earlier. The equity accounted profit of $290,678 compares with $244,689 for the previous year and includes extraordinary non-trading items of $76,123, against $80,440 in 1979. No tax is payable and the result in= eludes tax credits of $43,737 compared with $56,577 for the previous year. The company also reports an increase in sales from $22.15 million to $26.35 million.

The chairman (Mr. C. A Staples) said:’ “Trading conditions remain difficult in the present economic circumstances. The result, after the $66,000 first half loss is encouraging and is a reflection of the stringent cost control measures taken in the 2nd and 3rd quarters of the year. The second half also includes contributions from our new acquisitions, Noton (N.Z.), Ltd, and Probert Industries, Ltd, and these diversifications should continue to show benefits.” The directors are recommending a 3e (6 per cent) final ordinary dividend, which, with cumulative preference and . specified preference share dividends, will be covered 1.05 times by the reported profit. Dividends will be. payable tax-, free from the share premium account on December 16.