Walton Bonds’ profit increases

Press, 18 March 1982, Page 24

Walton Bonds’ profit increases

NZPA Sydney The retail, finance and property group, Walton Bonds. Ltd, lifted profit 28 per cent to sAust6.s4 million in the six months to December 31 from $5.1 IM in the previous corresponding period and has resumed interim dividends with a payment of 2.5 cents a share, directors announced.

Group retail sales increased 12 per cent to 5208.91 M from $186.54M.

Profit on trading operations rose 35 per cent to $5.49M from 54.06 M. Directors said that while retail gross margins reflected continued competitive pressure, credit service charges were raised to meet the increased costs of funding customers' accounts.

Barclay’s Credit Corporation, Ltd. jointly owned by Walton Bonds and Barclays Bank International, earned a net profit of $2.11M after S2.IM the first half. The interim dividend, the first since 1979, follows the return to profits last year after two years of losses. It is payable on May 14 and books close on April 30. Tax was $79,000 (up from $65,000). interest increased to $4.51M ($4.47M) and depreciation was $1.75M ($1.72M). Directors said sales for February and March were ahead of the previous year but reflected a decline in consumer confidence attributable to the uncertain economic climate. They said the second half results should benefit from the acquisition of the United States corporation, Simplicity Pattern Company, and benefits should flow from proposed real estate joint developments with Hong Kong-based Carian Investments, Ltd.