Hellaby well ahead

Press, 14 November 1981, Page 20

Hellaby well ahead

Auckland R. and W. Hellaby. Ltd. is passing out further benefits to shareholders, with a higher final dividend after a 52 per cent rise in net operating profit to $3,335,000 for the September year.

The result, which is audited. compares witli $2,183,000 in 1980. Not included arc extraordinary items of $815,000 (previous $288,000). The directors recommend

a final dividend of 4.5 c a share (9 per cent) on the capital increased by the one-fdr-i'our bonus during the defence against the Allied Farmers Co-operative takeover bid in April. The total payment for the year is equivalent to 8c (16 per cent) after the share split, which the directors say represents a 48 per cent increase on last year. This meets the predictions made by the company during its take-over defence.

The directors have already paid a tax-free interim distribution from realised capital profits. They say a property sale at present under negotiation is expected to realise up to 2c a share for immediate tax-free distribution as part of the final dividend. “If settlement, is completed and the necessary approvals obtained the company will advise the stock exchange of the tax-free element prior to the closing of the books." The sale concerns a couple of properties of land surplus to requirements which have

been on the market. The company aims to pay the dividend on December 16, the day of the annual meeting. The shares will be ex November 30. The directors say that, despite earlier difficulties in the year associated with an industrial stoppage in the Auckland area, operations tn the second six months proved to be better than forecast at the half year. "Although the international beef markets have continued to be depressed, good results were achieved from the company's lamb trading," they say.