CFM does well in hard year

Press, 27 October 1982, Page 32

CFM does well in hard year

The audited after-tax profit of the Canterbury Frozen Meat Company, Ltd. for the year ended August 31 was $5,344,000 as against $5,894,000 in the previous year. The profit was determined, after charging depreciation of $3,054,000 (last year $2,587,000), and taxation of $2,855,000 (last vear $3,887,000). . CFM’s chairman, Mr J. O. Ackland, said that it was an excellent performance in what had proved a most difficult year. The company’s major procurement areas of Canterbury and Otago experienced their worst drought in recorded history. This, along with distortions arising from the Supplementary Minimum Prices scheme, led to a less than satisfac-

tory kill pattern at all plants. In addition, problems in international markets adversely affected meat trading profits.

The directors are recommending a final dividend of 12c an ordinary share, bringing the total dividend for the year to 20c an ordinary share. The final dividend, when approved by shareholders at the annual general meeting on December 14, will be paid to those on the register at 5 p.in. on December 7.