Taylors down in half-year

Press, 20 November 1982, Page 19

Taylors down in half-year

The price and wages freeze and the development costs of the recent Auckland acquisition reduced the profit of Taylors Drycleaning and Laundry Services, Ltd, in the six months to September 30, the directors announced yesterday. The unaudited group net profit fell 12.9 per cent to $118,600 in the latest six months, compared to the previous corresponding period. Included in the result were equity profits of $2330 (nil previously). The group profit had been reduced by the price freeze which prevented the reco-

very of increased wages incurred immediately before the introduction of the freeze regulations in June, and the establishment and development costs of the recent Auckland acquisition, they said. Sales rose 36 per cent to $3,456,000, and the result was after providing $24,350 less for tax at $69,300. A steady interim dividend of 7c a share (7 per cent) has been declared,' payable on December 17, ex dividend on December 1. The shares arising from the recent conversion of the specified preference issue do not qualify for the dividend.