ICI profit rises 58.4 per cent

Press, 4 June 1982, Page 19

ICI profit rises 58.4 per cent

The after-tax profit available to ICI New Zealand for the six months ended March 31, including the equity share of associated companies earnings, was $4.9 million, an increase of $l.B million (58.4 per cent) on the 1981 half year, the directors announced yesterday. This result was achieved despite an increase of $1.7 million (94.5 per cent) in provision for income tax, which was only partly offset by a reduction of net financing costs of $150,000, and the absence of extraordinary items (1981 $200.000).

Sales were $21.8 million (24.6 per cent) higher than for the same period last year with the increase being spread over most business areas of the group. The closure of the Fibremakers business occurred in March, with sales in this area for the six months approximating those for the corresponding period last year. Exports sales were 21.4 per cent higher than for the same period in 1981 — reflecting increased business with Australia and the Pacific Island territories.

No further provision was required for the closing down of the Fibremakers business. In general the buoyant sales experienced in the’last quarter of the group's 1981 financial year continued during the first six months of this financial year, but there are now indications of a slowing down of sales in most market areas, the company said. The directors have declared an interim dividend of 8c a share (6c a share in 1981) to be paid on August 11 from profits of the half year.