Fine start to Burns’ centennial year
John Burns and Company, Ltd. has made a fine start to its centennial year by more than doubling trading profit in the year ended June 30. from $655,000 to $1,451,000. The directors said that this included net equitv profits of $14.000 ($16.000 last year).
In addition extraordinary profits were $1,011,000 ($325,000) after deducting extraordinary expenses relating to the reconstruction programme. Total profit for the vear is thus $2,462,000 ($980,000). No tax is payable in either year. Sales were 519.4 M (527.3 M The reconstruction pro-
gramme has ended and no further provisions have been made in the accounts for reconstruction expenses. All John Burns hardware activities have now been sold with the exception of the Nelson branch which continued to trade profitably. The second interim dividend of 4c declared on August 5 is deemed to be the .
final dividend and with the first interim paid in May makes a total tax-free dividend of 7.5 c (15 per cent). There are available realised capital profits for tax-free dividends for a number of years ahead. The annual meeting is on November 9 and books close October 22-29.
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Press, 13 September 1982, Page 25
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191Fine start to Burns’ centennial year Press, 13 September 1982, Page 25
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