UEB lifts profit in final half

Press, 11 May 1984, Page 9

UEB lifts profit in final half

UEB Industries, Ltd, had a strong six months in the year ended March 31, reversing a profit downtrend in the first half of the year.

The after-tax, unaudited profit of UEB Industries, Ltd, rose 10.4 per cent up at $19.1 million for the year (previous yean $17.3M). In addition, extraordinary items totalled $l.l million (last year $451,000). In the first six months of the year, net trading profit was down 12.2 per cent compared with the previous corresponding period, on sales up 4.2 per cent. Sales increased 9 per cent to $264.7M, compared with last year’s figure of $242.8M. The latest year’s result was after tax of SI.SM (SI.4M) and minority interests’ share of profits $53,000 ($56,000). It included share of profits of associate companies of $335,000 ($1.147M).

Exports exceeded SSOM for the first time, with a total of ?52.6M (an increase of 37.7 per cent on last year’s figure of ?38.2M). The directors say the substantial rise can be attributed to an excellent performance by all operating divisions, with the largest increases in exports of car-

pets, carpet yarns and wall coverings. The directors believe this demand from both the domestic and export markets will continue for the rest of 1984.

Net profit per ordinary stock unit was 26.8C:1 (24.2C:3); net profit to sales 7.2 per cent (7.1 per cent); shareholders’ equity was 48.2 per cent (49.0 per cent), the current ratio was 1.8:1 (2.0:1) and the net asset backing per ordinary stock unit (undiluted) was SI7BC (SI6IC).

The directors recommend a final ordinary dividend of

22 per cent (He per ordinary stock unit), making the total for the year 25 per cent, 12.5 c per ordinary stock unit, (last year 25 per cent).

Dividends will be payable on August 10. The annual meeting will be held in Wellington on August 9.