C.M.I. experiences sales downturn

Press, 26 November 1982, Page 10

C.M.I. experiences sales downturn

The group net profit of Consolidated Metals Industries, Ltd, equity-accounted and tax-paid but unaudited, rose 35.4 per cent to $1,455,000 in the six months ended September 30, the directors announced yesterday. The result was after providing about $202,904 (26.7 per cent) more for tax at $963,000, and was earned on external group sales of $23.1 million — 41 per cent higher than those of the same period last year. The directors said that figures for respective years are not comparable as the Cyclone merger was not completed until the second half of last year when earnings were adjusted concurrent with announcement of final figures for the period to March 31. They are declaring an interim dividend of 8.5

per cent which is the maximum permitted under present limitation regulations payable December 17 and related to capital increased by this year’s 1:10 bonus issue; ex dividend December 3. “As advised at the annual general meeting, demand continued to be strong during the first quarter but since then there has been a downturn as the result of lack of confidence in the agricultural and building sectors in particular,” the directors said.

“Given continuance of present conditions it is inevitable that they will militate against earnings continuing at first half levels.” “The directors will as always endeavour to maximise opportunities as they arise, to ensure best possible outcome,” they say.