D. I. C. profit rises 48%

Press, 18 April 1981, Page 18

D. I. C. profit rises 48%

The unaudited trading , profit of D.1.C., Ltd, rose 48 per cent to §550,000 in the seven months ended February 28, the directors announced on Thursday in an interim report Extraordinary costs associated ..with the Wellington building project amounted to $397,000 compared with $300,000 last year, they said. There is no liability for tax ation. Sales at $26.4M rose $2.5M, or 10.7 per cent The Wellington project is scheduled to be completed on

May 12, and no further extraordinary costs are expected thereafter. “The results for the 1981 period have been determined after taking physical stocks for the first time in an interim reporting period. Before this year interim results were reported on estimated stocks. Last year’s comparable figures have been recalculated using actual gross profit rates for seven months to February 29, 1980, as determined by physical stocktaking at July 31, 1980. There was a significant vari-

atio'h' between actual and estimated : stocks in that year. .... ' There.' was . no capital profit ■ this year (last year $734,000)/ The specified preference dividend of 6c a share for the six -months to January 31 was paid on due date. An interim ordinary dividend of 7c a share (7c last year) will be paid oh May 20. This dividend will be paid from capital profits to those shareholders who have not otherwise elected, and will be taxfree accordingly. Shares be-

come ex dividend on May 13.

The directors say 'that March sales increased 8 per cent over the, corresponding month last year, and showed an improvement over the particularly depressed trading conditions in January and February. . ~ Oh the outlook, they say that the second half of the financial year traditionallj' provides a larger proportion of turnover and profit, and “the directors believe this will continue to be the case, provided there is fto significant deterioration in current trading conditions.”