OPP profit rises 40 per cent

Press, 30 June 1982, Page 22

OPP profit rises 40 per cent

PA Dunedin - The directors of Otago Press and Produce. Ltd. report that for the year ended March 31. audited group equitv profit after taxation rose $400,000. or 39.9 per cent to $1,415,000. Profit before taxation rose by $796,000 to $2,341,000 an increase of 51.5 per cent: provision for current and deferred . taxation was $982,000 an increase of 64 per cent. This higher taxation charge is the result of the higher profit and because last year there was a substantial claim for investment

allowance on new. plant pur- ; chased.. . /; -. ■ The result includes $28,000 ($67,000) — being the share of profits retained in associate companies and extraordinary profits at $28,000 (nil). Sales increased 22.5 per; cent to $24,500,000. Income from investments was up bv $123,000 to $257,000. the Jin-/ crease being mainly from-': dividends received from; th? packaging companies .; in., which the company has a 50< per cent holding. „ .j- / The profit of $1.415.000> gives a 26 per cent retumon" average shareholders’ funds; of $6,050,000 ($5,184,000); - -> The directors are recom- . mending the payment of at, final dividend of’lOc a share' 1 which, together with-the interim of 6c a share paid -in December, makes a total for> the year of 16c (12c). 'The * total' dividend payment is , $493,000. and is covered by ; the profit 2.9 times. The final dividend will be paid from profits, whereas last year’s ; payment was from realised. ;, capital profits. ■ ’ ’ ’