Rheem ahead
PA Auckland Rheem New Zealand, Ltd, reported yesterday that results for the first quarter of the 1985 year are ahead of the corresponding period last year and ahead of budget. The chairman, Mr J.G. Forsythe, told the annual meeting that demand for the company’s products looked “good”, particularly with the encouragement being offered in the housing sector. The removal of export incentives would not affect profitability, as the company has not had the benefit of a major contribution from that source in the past (1984 year export incentives totalled $11,400), he said. “However, the recent upturn in our exports, both in plastics and auto-boil water heaters, would be aided by devaluation.” This would compensate for increased costs of imported materials, as well as progressively reducing export incentives.
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Press, 29 August 1984, Page 34
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129Rheem ahead Press, 29 August 1984, Page 34
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