Odlins profit steady

Press, 30 November 1982, Page 24

Odlins profit steady

PA Wellington Odlins; Ltd. the Wellington building supplies and hardware merchant recorded taxpaid earnings for the six months to the end of September of $3,161,267, marginally up on last year's $3,140,828, the company said in a statement yesterday. It said that the comparison with last year’s interim result has been affected by a change in its treatment of afforestation costs, which was implemented during the latter half of the 1981-1982 financial year. Group sales were $103,767,217 ($89,816,563) and profit before tax was $3,134,223 ($3,882,926) with taxation provision of $466,135 ($854,244).

Realised capital profit was $467,640 ($129,181) after exchange fluctuations of $25,539 on overseas loans.

Dividends totalling $81,725 ($14,225) have been received from associated companies and have been included, the company said. An interim dividend of 6 per cent (3c a share) on ordinaries had been declared, the maximum permitted under the price and wage freeze.

The company said it is proposed that the interim ordinary dividend of 6 per cent be paid from capital reserves and be tax-free in the hands of shareholders except for those who have elected to. receive their dividends from revenue sources.

The chairman. Mr Lyn Papps, said that the company is in a strong financial position "and will continue to play its part in the development of New Zealand, as it has done for many years."