FTC profit higher

Press, 28 May 1983, Page 19

FTC profit higher

PA Auckland. The Farmers’ Trading Company, Ltd, the Auck-land-based retail group, increased its group-net profit 13.6 per cent to $12,501,000 for the year to March 31, the directors announced in a preliminary report. Sales were ahead 31 per cent, and included eight months trading by the company’s South Island stores. The directors said - they were deferring a decision on the final dividend recommendation until details of the present dividend freeze extension were known.

Under the present regulations the company was restricted to a 11.5 c a share (23 per cent) annual rate. Earlier this month the company failed to gain approval for plans to make a bonus issue to its shareholders. Excluding figures from the South Island stores, sales for the latest year were 13.1 per cent higher. The profit was after providing $1,372,000 more for tax at $8,533,000 and the provision for deferred profit on time payments rose $607,000 to $2,843,000.