P.D.L. continues spectacular profit growth

Press, 25 November 1981, Page 26

P.D.L. continues spectacular profit growth

P.D.L. Holdings, Ltd. Christchurch-based diversified electrical equipment manufacturer, is increasing dividend again after further spectacular profit growth in the six months ended September 30. The chairman (Sir Robertson Stewart) yesterday announced that het. profit before tax increased to 52,912,859 from $1,157,751, a rise of 152 per cent. Taxation provided is $906,514 (last year $276,702). Net profit after tax increased to $2,225,303 from $881,049, or 153 per cent, and is after the share of the associate company’s profit of $17,395 and extraordinary items, being gains on the sale of a portion of shares of P.D.L. Holdings, Ltd, in P.D.L.-Wylex Sdn Bhd of $201,563 to Gerard Industries Pty, Ltd, Adelaide. Group sales during the period increased from $13,967,298 to $19,243,254, an improvement of 38 per cent. As P.D.L.-Wylex Sendirian Berhad sales are not included in the results for the six months (last year $1,357,469) then by comparison sales have increased by 53 per cent. Export sales increased from $1,931,610 to $3,126,609, or 62 per cent. The directors have approved an increased interim dividend of 12% per cent (10 per cent) or 6.25 c a 50c share, which will be paid on January 29. Of this, 4.25 c a share will be available tax-

free in shareholders’ hands, subject to Inland Revenue Department approval of the capital gain accrued on the sale of shares in P.D.L.Wylex Sdn Bhd. The books of the company will close at 5 p.m. on January 25 and will reopen on February 1. Sir Robertson also announced management changes designed to allow for the group’s further expansion. Mr J. B. Vale who was responsible for the setting up and operation of the subsidiary — PDL (Asia) Sendirian Berhad, and later PDLWylex Sdn Bhd in Kuala Lumpur, Malaysia — is returning to New Zealand and will take up the position as joint managing director, responsible for overseas operations. Mr Don Sollitt, at present group general manager, will be appointed as deputy chairman of the PDI group board and the PDL Holdings board. He will be appointed joint managing director responsible for the New Zealand operations of the group. Sir Robertson will relinquish position as managing director of the group, and will become executive chairman of PDL Holdings, Ltd. These appointments will occur in December: Mr A. W. Seagar, the first general manager of PDL Westport, Ltd, from the time of acquisition from Matai Industries in 1975, is transferring to Christchurch

where he will have a group function with responsibilities for PDL Westport, Ltd, and also for expansion of the plastic moulding companies. Mr Miles Jones who was factory and production manager of PDL-Wylex Sdn Bhd, Malaysia, for four years, will become divisional manager of PDL Westport, Ltd. “This restructuring will increase our exports, consolidate our overseas operations, provide for acquisitions overseas, and develop our programme of exporting PDL products. It will strengthen the group and provide a new base for expansion. It will widen our administrative function in a highly competitive environment, and allow me to devote more time to the group’s over-all programme of development,” Sir Robertson said.