Huttons recovers

Press, 24 September 1983, Page 20

Huttons recovers

The turnabout in the fortunes of Huttons NZ, Ltd, is continuing, as yesterday the company reported a profit improvement of 78.6 per cent to $2,008,000 for the year ended June 30. In addition, extraordinary profits were $152,000 (last year, $1,901,000). Taxation was $326,000 (nil). Depreciation provided was $454,000 ($511,000). The 1982 trading profit of $1,124,000 included only seven months contribution from the major subsidi-

ary, J. C. Hutton, Ltd, the directors said.

Group profit exceeded carried forward tax losses from prior years, and therefore some tax was due.

The directors are recommending a final dividend of 5 per cent (5c a share) which will be tax-free in the hands of those shareholders who so elect. Together with the interim dividend of 5 per cent (tax-free), this makes an unchanged divi-

dend dividend for the year of 10 per cent. This is the maximum amount able to be paid under the companies (limitation of distribution) regulations, 1982.

The second six months trading was continued at an increased level, particularly the international market for beef which the Eltham processing plant supplies. Tight management control in containing costs has assisted the improved profitability, the directors said.