G. Bay dividend raised

Press, 27 February 1981, Page 8

G. Bay dividend raised

Golden Bay Cement Company, Ltd., has increased itsdividend after a slightly lower over-all group net profit for the year ended December 31. > A

The accounts of Wilson (NZ) Portland Cement, Ltd., have been. incorporated for the first time as subsidiary company whereas previously its result has been included on an equity accounting basis. Wilsons does' not become a wholly owned subsidiary until February 28, and conisequently half of its profit I for the year attache's, to the I minority interest of Winstone, iLtd.

The tax-paid, profit, subject to audit, is $2,118,219. Last year’s profit of $2,260,454 in-

eluded extraordinary items of $398,644. This year’s profit is arrived, at after providing for future taxes of $2,367,807, compared with $670,588 last year, and depreciation of $2,215,580, compared with $1,057,703 last year. The minority interest is $631,516; there was no minority interest in 1979. Sales tonnage, at 481,275, was 14,882 tonnes greater than the previous year. Work on the major conversion project at the Portland Works began last October, and is proceeding to schedule. The company has been advised that about 90 per cent of the S3SM capital expenditure will qualify for the special taxation energy write-off of 1100 per cent each year that'

the expenditure is incurred. This will cause a deferment of taxes during the period of expenditure and will assist group cash flow during the next four years. The directors are recommending a dividend of 4c a share. The new shares which are paid to 25c will qualify for one seventh of this dividend. This increases the dividend for the year from 12 per cent to 13 per cent. The annual general meeting will be held on April 28, and the dividend will be payable immediately after the meeting to shareholders on the register at close of business on April 8; ex dividend i April 6.