NZFF earns 11 p.c. more in half

Press, 13 February 1982, Page 20

NZFF earns 11 p.c. more in half

NZ Farmers Fertilisers, Ltd. earned an unaudited operating tax-paid profit of $3,092,000 ($2,617,000) for the half-year to November 30. After deducting extraordinary items comprising exchange losses and redundancy provisions the group equity-accounted tax-paid profit available to shareholders . was $2,876,000 ($2,581,000), the directors announced. The redundancy provision is in respect of the closure of manufacture in the Auckland fertiliser works and was paid in December 1981. The comparative figure for 1980 had the benefit of capital profits

arising from the sale of surplus properties. The taxation provision was $1,531,000 ($1,241,000). Fertiliser output for the half-year wa's 287,822 tonnes, 2.8 per cent ahead of the same period last year. The output is about 9 per cent above budget which has improved profitability from fertiliser activities. Profits from the health and science division have also shown continued improvement. The directors have declared an interim ordinary dividend of 6 per cent payable on March 5, from unappropriated profits; the final when recommended will be paid from tax-free reserves.