Ebbett has big recovery
PA Wellington The Hamilton-based motor dealer, Ebbett Waikato Group, Ltd, drove its profits back to the heights of 1979 in the six months ended January 31. After losing its main customer, the New Zealand Cooperative Dairy Company, late in 1979, profits slumped because of “higher than anticipated but non-recurring expenses encountered in the period in the installation and implementation of the new in-house computer programme.” In the latest six months, profits recovered to $lll,OOO,
an improvement on last year’s $39,176 and above 'l979’s $101,381. Sales were maintained at $11.6 million. After a review of operations, the directors are recommending that paid capital be halved to $400,000 and shareholders returned 50 cents for each 100 c share.The company says the reduction will “more appropriately reflect the current requirements after the closure of a trading outlet and the sale of surplus real estate.” An unchanged dividend of 4.5 per cent will be paid taxfree on May 22.
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Press, 1 April 1981, Page 29
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159Ebbett has big recovery Press, 1 April 1981, Page 29
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