Healing sales up
PA Auckland Healing Industries, Ltd. lifted sales 39.5 per cent for the- first quarter, but they were still marginally below budget. The chairman (Mr H. A. Christensen) said at the annual meeting that profits were at budgeted levels. The company recently purchased Industrial Chemicals, Ltd, for $4.66 million.
Mr Christensen criticised the wage-price freeze, which, he said, was' selective and imposed burdens on private enterprise, particularly manufacturing. The freeze allowed one of the most inflationary costs — freight — to go virtually unchecked. “The results of these regulations in depressing margins in conjunction with the present credit squeeze must
have: a serious effect on the liquidity and viability of many New Zealand businesses." Mr Christensen' said the probable further tightening of credit within the economy had prompted the company to replace shorter-term finance with longer-term debenture finance and that it was the directors’ intention to have a debenture issue later this vear.
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Press, 7 August 1982, Page 20
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153Healing sales up Press, 7 August 1982, Page 20
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