Scott profit rises 38 per cent

Press, 3 September 1982, Page 8

Scott profit rises 38 per cent

Scott Group. Ltd. of Wellington. reported yesterday an increase in consolidated pretax profit for the year to June 30 of 31 per cent. After income tax provision of $825,000 ($688,000 in the 1981 year) the company reports a record net tax-paid profit before extraordinary items of $1,432,000 which represents a 38 per cent increase in the year. The directors are recommending a steady final dividend of 5.5 c share (11 per cent) to be paid on October 21 on issued ordinary capital. An interim of 4c a share was paid earlier. The dividend which will absorb $238,455. will be paid from revenue profits and makes a total

dividend of 19 per cent for the vear. The 1981 total dividend was 8.5 c a share (17 per cent). In the profit statement, the group secretary, Mr G. T. Paul, says that in preparing the accounts the position of the group's investment in Dalhoff and King Holdings Ltd, in receivership since June 25, was carefully studied. "Although it may be excessively cautious, it has been considered prudent, in order to remove any certainty about the effect on the group’s financial position, to provide for a loss of $1,184,000. being the total cost price of the investments as an extraordinary item in

the 1982 year." he said. Because of the result of a revaluation of the groupowned properties shareholder's funds have been increased by $969,000. With the revaluation and the inclusion of the extraordinary item, plus the addition of $915,000 of retained profit, shareholders' funds have increased by $700,000 and net tangible asset backing has moved from 128 c a 50c share at June 30, 1981, to 140 c a share.

The annual rheeting will be in Wellington on October 20. The share register will be closed from 5 p.m. on October 6 to 9 a.m. on October 21.