McConnell Dowell well ahead

Press, 15 June 1983, Page 30

McConnell Dowell well ahead

The tax-paid profit of McConnell Dowell Corporation, Ltd, for the year ended March 31 was $6,450,102 — an increase of 39.5 per cent on the combined pre-merger figures of last year, the directors announced. Turnover rose 13 per cent to nearly $139 million. The provision for tax was $762,827 higher at $4.2 million; equity contributions from an associate company was $232,570 (1982 - $33,985). The final profit is $5,765,568, after deduction of minority interests of $4979,

and extraordinary items totalling $679,555; extraordinaries comprised: unrealised exchange losses, $227,162; goodwill written off, $457,498; other items written off, $12,331; realised capital profits, $17,436. “Because there appears to be some uncertainty surrounding the continuation of the Companies (Limitation of Distribution) Regulations, 1982.” The directors are recommending an • ordinary dividend for the year of 15 per cent (7.5 c a share). The directors say that the

extremely good result is clear evidence of the demand for the skills of the group, and also demonstrates the ability of the group not only to win work in a highly competitive situation, but to convert this into profit. All operating subsidiaries continued to trade profitably, thus maintaining the position as disclosed in the unaudited half-yearly results.