Fountain in red
fountain Corporation is passing payment of its dividend after slumping to an unaudited loss of $1.44M in the latest March year compared with a profit last year of $325,965. No tax is due. Turnover fell from 510.7 M to $7.4M. The directors say that abnormal items include stock adjustments and the cost of rationalising production byclosing two factories and centralising all production facilities in the company’s New Lynn premises. Intensified competition in the audio market resulting in significant erosion of margins and decrease in turnover together with high costs of implementing FM tuning capabilities and rapidly changing fashion trends have significantly affected results. Uncertainties surrounding the electronic industry aggravated by doubts as to the outcome of the IDC studyare a major concern, they sav.
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Press, 2 June 1981, Page 23
Word Count
127Fountain in red Press, 2 June 1981, Page 23
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