AHI profit up 38 p.c. —l:4 bonus proposed

Press, 9 May 1984, Page 33

AHI profit up 38 p.c. —l:4 bonus proposed

PA Wellington Alex Harvey Industries, Ltd, has announced a net profit of $38.01 million for the year ended March 31, 1984, after providing for taxation and minority interests but before extraordinary items. This result, which is subject to audit, is 38.3 per cent higher than last year’s profit of $27.48M. Group sales, at $521,934,000, were 15.8 per cent ahead of last year’s total of $450,910,000, manufactured exports increasing 37.6 per cent to a new peak of $83,709,000 for the year. The directors propose to make a one for four bonus issue on May 31. This taxfree bonus issue will increase the paid up capital of the company to 475,503,125. A final dividend of 16 per cent (8c a share) has been recommended by the directors for the year ended March 31, 1984, which, with the interim dividend of 6 per cent, will make a total of 22 per cent for the year. The directors have recommended the final dividend be paid on the bonus increased capital and be payable tax-free. As forecast at the half-year, domestic sales during the last six months improved substantially, particularly hj, building products, which benefited from

a marked and sharp lift in over-all activity, the directors said. This increase, with a continuation of the high level of export achieved in the first six months, boosted total sales for the second half about 30 per cent. In spite of a degree of uncertainty about mortgage finance, the number of permits issued for new houses and flats increased 26 per cent to approximately 20,200 for the year, completions running a little below this figure. Combined with a high level of demand in the renovation market, the impact of this on the company’s performance by the building products group had been very substantial, the directors said. The increase in exports was notable for the significant penetration of new markets, with exports to countries other than Australia up more than 50 per cent. Australia now accounted for only slightly more than one-third of total exports, the statement said. The final results for the year include six months trading from Henderson and Pollard, Ltd. The results are after depreciation and amortisation of $17,420,000 ($15,814,000) and before net extraordinary gains of $2,665,000 ($421,000). The latter was primarily the adjustment for the good will from the purchase of a 50 per cent interest in Henderson and Pollard. Tax for the year was $21,557,000 ($10,565,000). ’; The final dividend

tion will amount to $12,080,500 and for the full year will make a total of $15,680,500 ($10,560,000). Dividend cheques will be posted to shareholders on Friday, July 27, after confirmation at the annual meeting.

The share register will close at 5 p.m. on Thursday, May 31, to determine entitlements to the bonus issue. The share register will close again at 5 p.m. on Thursday, July 12, to determine dividend entitlements.