N.Z. Steel bonus

Press, 4 June 1982, Page 19

N.Z. Steel bonus

New Zealand Steel, Ltd, has increased its group net equity profit 43.9 per cent to $17,030,000 in the year to March 31, on sales 30.4 per cent higher at $237,657,000, the company secretary (Mr G. M. Jones) announced in a preliminary statement yesterday.

The main factors contributing to the increased profit were improved domestic demand for the company’s products and improved productivity from all the plants at Glenbrook, he said.

The directors are recommending a final dividend of 10c a share, increasing the annual rate from 15c to 17c a share 17 per cent. The maximum proportion possible of the final dividend would be distributed from sources to make the dividend

tax-free. However, the exact amount had still to be determined, and shareholders would be notified of the exact amount before the annual meeting on August 5, Mr Jones said.

The result was after providing $1,438,000 more for tax at $4,793,000, but $lll,OOO less for depreciation at $6,833,000. The ■ directors have also recommended a bonus issue of 10 per cent of the paid-up capital to be made from the asset revaluation reserve and the proposed issue will rank for the final dividend. Dividend warrants and scrip for the new bonus shares will be posted on August 27, and the ex-divi-dend and bonus date is August 6. Equity profits fell $605,000 to $1,321,000.