NZIG improves

Press, 14 November 1981, Page 21

NZIG improves

New Zealand Industrial Gases, Ltd. increased its group net profit 36.2 per cent to $3,678,000 in the year to September 30 said the directors in a preliminary statement. Trading was generally firm for gases, but was not as strong for equipment. “The market for items of a capital nature in the hands of our customers will probably remain weak until the major

construction works get under way,” they said. "The steel fabricating industry declined still further, but this was more than offset by the requirements of the buoyant agriculture, horticulture forestry, and export engineering sectors of the economy." The provision for deferred taxation had been discontinued where the potential liability was considered remote.

The effect of the change was to reduce the provision for tax and increase profit after taxation in 1981 by $311,000, they said. Sales rose 18.9 per cent to $57 million. Taxation increased $794,000 to $3,827,000. A final ordinary dividend of 14c a share is recom-

mended on capital increase by the two-for-all bonus issue in July, making a total of 23c a share (23 per cent) for the year, 3c a share higher than the previous year. The dividend is payable after the annual meeting on December 17.