Atlas returns to profit

Press, 19 November 1981, Page 23

Atlas returns to profit

Atlas Majestic Industries. Ltd. the Auckland-based whiteware manufacturer, confirmed earlier indications of recovery by returning to profit in the September 30 half-year and indicating it is looking to paying a dividend for the full year. The group moved from a $581,000 loss to a trading profit of $418,000 in the latest half-year. In addition a hon-recurring profit of $236,000 was realised. The unaudited result was on external sales 11 per cent lower at $13,104,000. The directors said that because of the closure of loss-making or low-return activities after the September, 1980, balance date, the figures for the two periods were not directly comparable. Tax did not apply in either period. The realisation of assets from group activities which were closed was proceeding, and present indications were that these would be completed within the provisions made and reported in the accounts for the March year, the directors said. Total group tangible assets were further reduced to $17,925,000 by September. Assets were shown in the last annual accounts to be down $27 million at $19.5M

at the March balance .date. A note to those accounts says provision of $2,102,000 has been made to allow for costs and losses in closing and realising on certain activities. No interim dividend on ordinary shares is recommended for the half-year, but the directors said they expected to recommend a' dividend for the full year to March 31.