DIC earns $796,000

Press, 29 October 1981, Page 25

DIC earns $796,000

DIC, Ltd, the Dunedinbased retailer, earned an audited profit of $796,000 in the year ended August 31, the directors announced yesterday. Extraordinary items — excluded from this figure — total $1,293,000, being costs arising from the Wellington strengthening project and the trading results for the month of August, 1980. The balance date was moved from July 31 to August 31 this year. Net profit for the previous year was SI.6M including capital profits of $819,000 and extraordinary costs of $578,000. The Wellington building strengthening project is now complete and although trading during the 17 months concerned has proved costly, directors believe that this course of action has resulted in a-significant saving when compared with the alternative of closing the business for the period. Sales this year were $48.6M. an increase of 11.9 per cent on last year. Final dividend is 9 per cent, making an unchanged 16 per cent total, all of which is tax-free. - Dividend requirements for both ordinary and specified preference shares total $726,000. The final dividend is payable on November 25.