Record profit for’Bunting

Press, 28 May 1981, Page 18

Record profit for’Bunting

Bunting and Company, Ltd, the Christchurch firm which is being restructured under the control of H. W. Smith, Ltd, reported yesterday its best-ever profit result.

The directors announced that profit for the 13 months ended March 31 was $347,763 which compares with $44,832 last year, a loss of $123,257 in 1979, and a previous best profit of $305,215 in 1977.

The latest result was after Australian taxation of $13,433 ($49,238 last year). No tax was payable on New Zealand profits because of tax losses carried forward in the parent company. The directors recom-

mended that a final dividend of 8 per cent (4c a share) be paid making a total of 14 per cent (7c a share) for the year. As with the interim dividend, the final dividend will be tax-free in the hands of shareholders, being paid from realised capital profits. The dividend of 14 per cent compares to a 5 per cent dividend in 1980, and the previous 'record dividend of 11 per cent in. 1978. The dividend will be paid on July 13, ex dividend June 24. The directors said that such a good result in a difficult period reflected the redirection of the company’s activities into more profitable areas- of investment.