Optical loss of $316,000 in half-year

Press, 4 October 1982, Page 34

Optical loss of $316,000 in half-year

PA Auckland Optical Holdings suffered a $316,000 loss in the June 30 half-vear.

The result, which is after a tax credit of $49,000 (one of $24,000 in the 1981 half-year), compares with a loss of $89,000 in the 1981 period. Group sales rose from $2.31 million at $2.5 million. The unaudited result includes an $11,500 profit from the Australian subsidiaries which suffered a loss of $25,700 in the previous corresponding period. Export sales were $222,000 (1981. $213,000). The directors say that, because of the seasonal nature of much of the group's business. the results for the first half are not relevant to the results for the year. Substantial economies have been effected in admin-

istration. However, further reorganisational costs will be incurred this financial year. The directors have decided to adopt a March 31 balance date which is more appropriate for the company, and the present period's accounts will cover the trading activities for the 15 months to next March 31.

They say that the company has just concluded an agency and manufacturing agreement with an overseas optical company. The directors expect that the new association will contribute to a significant increase in turnover and profitability during the next financial year. The measures taken and agreements concluded since July will not significantly affect the company's results for the present period.