Big gain for W. and D.

Press, 26 October 1982, Page 31

Big gain for W. and D.

Wilkins and Davies Construction Company, Ltd, of Auckland, had a dramatic turnaround in its group net profit in the six months to September 30, compared with the previous corresponding period, the directors announced. The unaudited net profit rose from $65,000 to a record $990,000 in the six months. Included in last year’s result was a tax. credit of $35,000, compared with a provision of $825,000 in the latest period. Group outside turnover more than doubled from $lB million to $37,051,000. There were no extraordinary items or minority interests in either periods. The directors said that they were pleased that the confidence expressed by the chairman, Mr L. H. Southwick, when presenting the company’s 1982 annual report had been justified. The buoyant trading experienced in the first six months was expected to con-

tinue beyond the end of the financial year. The company’s trading results were expected to reflect this buoyancy. Work on hand was at a record level in spite of the delay in the award of contracts on some major energy projects, they said. Losses on unprofitable activities within the company were brought into account during the previous year and the latest result had not been affected by abnormal or unusual items. Although accounting policies were altered during tbe previous year to conform with SSAP 14 “Accounting for construction projects, the comparative figures for September 30, 1981, were presented in accordance with the company’s previous accounting policy, they said. An interim tax-free ordinary dividend of three cents a share (six per cent), will be paid on November 10, ex dividend on November 2.