Mainzeal earns 19.5 p.c. more

Press, 22 October 1981, Page 18

Mainzeal earns 19.5 p.c. more

The directors of Mainzeal Corporation, Ltd, announce that for the year ended June 30, the group audited profit after tax calculated on an equity accounting basis was $822,471. This is an increase of 19.5 per cent over the $688,142 earned in the previous year, and represents an earning rate of 37.5 c a 50c ordinary share for the year.

The profit was after providing $354,295 more for tax at $567,893. Extraordinary items contributed only $2OOO compared with $79,164 last year, and the profit was reduced by the share of losses of associated companies of $66,739, against a

profit of $11,319 last year. The directors have recomended a final tax-free dividend of 6.5 c a share, equivalent to 13 per cent making total dividend for the year 10c a share, or 20 per cent, compared with last year’s total dividend rate of 18 per cent.

The total ordinary dividend for the year is covered by tax paid profit 3.8 times. Shareholders’ funds at June 30, totalled $4.3 million representing an asset backing of 195 c a 50c ordinary share. The value of construction work in hand at June 30, was $49.9 million compared with $39.5 million at June. 30,1980.