Bendon
Bendon Industries, Ltd. which floated to the public last year, improved on its prospectus forecast with a strong performance in the vear ended March 31. Sales increased 28 per cent to $28.2M. Audited tax paid profit for the year rose 44 per cent to $2.9M (plus extraordinary items of $59,586). Tax-paid profit on a comparable basis for the 1981 year was S2.OM (less extraordinary items of $111,000). There were no minority interests or equity profits. Taxation provided was S2M (1981 SI.4M).
The earning rate on shareholders’ funds rose from 31 per cent to 39.5 per cent and earnings a share for the year were 37c. The directors recommend a final dividend of 8c a share, making a total of 14c for the year. The dividend forecast in the prospectus was 12c. Legal opinion is that in the absence of any legislative changes, this dividend is tax-free in the hands of shareholders. The Inland Revenue Department has advised that they do not agree with this interpretation
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Press, 29 May 1982, Page 21
Word Count
166Bendon Press, 29 May 1982, Page 21
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