F.T.C. 1:8 bonus on steady profit

Press, 28 November 1980, Page 8

F.T.C. 1:8 bonus on steady profit

Sales of Farmers Trading Company, Ltd. the Auck-land-based national retailer, rose 14.5 per cent to SSO.IM and group net profit edged up 4,& per cent to: $3,094,600, because of lower: provisions for tax and deter-: red profits. . .• The directors advisedvesterdav in their mid-year; report that in the sue; i months ended September 30 the provision for tax reiL $411,372 to $1,834,104. and, the provision for deferred profits was $82,406 less at: $711,029. The profit before deferred, profit, interest on time payment. and tax slipped 0.6 per cent to 55.6 M. The directors nave declared an unchanged interim dividend of 6 per cent

Sunt 1 75 per cent (0 875 c a share) will be. realised capital promts and will be tax-free in Uie hands of shareholders. This dividend will be payaWe ■ ex dividend Dethe directors Swill recommend to shareholders. at an EGM to be held in Febniary, a 1.8 I bonus issue to be made from ■asset revaluation reserves •with the intention that th.. > bonus shares I final dividend of the year ending March dl. it lis the intention of directors to recommend that this dividend be no less than that paid last year (i.e.. 12 per cent or 6c a share) on the bonus-increased capital.