GUS doubles group profit

Press, 30 August 1984, Page 26

GUS doubles group profit

GUS Wholesalers Cooperative Society, Ltd, the Christchurch-based unlisted grocery and property group, more than doubled its group net profit from $210,850 to $471,294 in the year to March 31, the annual report shows. The chairman, Mr R. A. Wilkinson, says that trading in the current year is showing good growth, and that this rate should improve in real terms in the second half, despite the expectations of high inflation.

The directors considered the latest result to be very satisfactory despite difficult trading, influenced in part by the Government restrictions, the price-wages freeze, and uncertainty about the direction of the economy.

On all-day Saturday shopping, in centres run by the group, Mr Wilkinson says that this move was spearheaded by a small number of retailers at the Merivale Mall, but it has not met

with substantial support by all the company’s retail tenants. “However, those group supermarkets which are trading all-day Saturday are finding the returns most rewarding and in an increasingly competitive environment it is evident that those sectors of the retail trade which offer trading hours which meet their customers requirements will be the more successful traders.” Turnover increased 7.5 per. cent to $128.6 million compared with the same period last year. The profit was after providing $157,513 more for tax at $432,173, and $55,839 more for depreciation at $1,024,190. Shareholders’ funds rose $485,790 to $7,357,501, including ordinary capital at $337,470 in 100 c shares. The net current deficit was reduced $1,234,105 to $988,486.