Wallace doubles profit
D.McL. Wallace. Ltd. Auckland engineering company has almost doubled its interim after-tax net profit to $412,365 ($210,439), and hopes to make a bonus issue at the end of the financial year. A steady six per cent dividend is being paid. Results to October 31 show that sales rose to $5,641,112 from $4,401,022 in the cor-
responding period last . year. Tax is $101,229 (tax credit of $6624). Wallace’s share of associated companies’ retained earnings is $114,316 ($45,815). The directors said if profit performance continues for the full year (as is likely) the company would revert to making bonus issues. Reserves will probably be available for this by the end
of the financial year. The directors also noted that problems with government acceptance of imported CNG storage cylinders for motor vehicles were finally resolved earlier in the year and the company had only just become fully established with adequate stocks and supplies. The dividend is payable February 26, ex February 10.
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Press, 19 December 1981, Page 22
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162Wallace doubles profit Press, 19 December 1981, Page 22
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