Slow start for Colyer Watson

Press, 30 May 1983, Page 23

Slow start for Colyer Watson

Results of Colyer Watson Holdings, Ltd, the commodity trader, improved slowly during the latest half-year, but budgets were fully achieved.

The processor and marketer of hides, tallow, skins and meat by-products earned a net tax-paid profit of $240,000 in the six months ending March 31.

This was 10.6 per cent higher than the corresponding $217,000 and after income from associated companies was taken into account at $lll,OOO ($109,000) the consolidated result was ahead 7.7 per cent at $351,000 ($326,000).

There was no taxation in either period. The consolidated profit for 1983 contains no recurring items of profit (1982 $36,000). As reported at the annual general meeting, because of normal seasonal peaks being delayed, as a result of weather and other factors, trading departments were slow in getting off the mark, the directors said. “Commodity markets generally showed some buoyancy in the earlier part of the period, but have since settled down to a steadier tone. “The tallow market has rather lacked the buying

interest of the larger consumers like Russia and the People’s Republic of China, but other Asian buyers have maintained their activity.

"Markets for raw and partly-processed hides and pelts have steadied on earlier realisations, although signs of reduced productions at some origins may have a firming effect in the months ahead.”

Interim dividend is 6.5c' an ordinary share, payable from realised capital profits. The dividend will be paid onJuly 1.

The share register will be closed June 15-16.