Welgas up 133 per cent

Press, 3 June 1983, Page 14

Welgas up 133 per cent

Welgas Holdings, Ltd, recorded an audited tax-paid profit for the year ended March 31 of $1,507,000 (previous year, $632,000), the directors have announced. Group turnover was $16,142,000 ($10,654,000). Net profit from trading before tax and extraordinary items was $1,854,000 ($676,000), and estimated tax is $750,000 ($249,000). The group net profit before extraordinary items was $1,104,000 ($427,000). The items included surplus on disposal of investments of $688,000, and closing costs of the Christchurch gas works, net of taxation benefit, of $230,000.

A share of the net loss of associated companies was $55,000 (in the previous year, a profit of $8000). The results include the Christchurch Gas, Coal and Coke Company, Ltd, for the whole year. Gas Salts in Wellington were 20 per cent greater in volume than during the previous 12 months. A recommended final taxfree dividend of 11c a share gives an annual rate of 17c a share (17 per cent) compared with 18c a share last year. The lower annual dividend rate complies with the Companies (Limitation of Distributions) ' Regulations 1982. The final dividend is payable on July 22.