Rosy tint for OHL and 1:2 bonus

Press, 2 June 1984, Page 24

Rosy tint for OHL and 1:2 bonus

OHL Corporation, Ltd, formerly Optical Holdings, Ltd, returned to the black in the year to March 31, and the directors are proposing a one-for-two bonus issue. The Auckland-based spectacle frame and sunglass maker showed a group net profit of $BOl,OOO in the year to March 31. The company incurred a loss of $21,000 in the previous 15 month period. In addition, the directors have recommended a final dividend of 6.5 c a share giving an annual rate of 10c a share (20 per cent). No dividend was paid in the last 15 months because of losses. The new shares, arising from the conversion of the preference shares, rank for ten-twelfths of the final dividend, but the bonus

shares do not rank for the final payment, but rank equally with the ordinary shares after that Since balance date, OHL has agreed to buy the property is has been using as its head office and factory in Auckland for $l.l million. The directors’ decision to revalue plant and machinery at March 31, using an independent valuer, has produced a revaluation reserve of $810,589. Sales rose 20.3 per cent to $9,239,000 in the latest period, compared with the previous 15 months, and after expenses the trading profit was $1,033,000. Taxation was $232,000 ($lOOO previously). There were no extraordinary items in the latest year ($lBB,OOO loss in the

previously 15 months). The final dividend is payable after the annual meeting on July 26, ex dividend on July 13, and the ex bonus date is July 29.