CPD profits higher

Press, 24 October 1984, Page 29

CPD profits higher

PA Wellington Cable Price Downer, Ltd, has produced significantly better profits in the financial year to date than in the comparable period last year, the company’s chairman, Mr R.W. Steele, has said. The comment was made in a letter to shareholders in a short form prospectus which offers 12,100,000 cumulative redeemable specified preference shares of $1 each at 18 per cent a year. The propectus was mailed to Cable Price Downer shareholders yesterday. group’s 1984-85

result will reflect the very favourable impact of a full year’s profit from Rex Consolidated, Ltd, and six months equity-accounted earnings in respect of the 24.7 per cent ordinary shareholding . in Dalgety Crown Corporation, Ltd,” he said. “Trading by the manufacturing and merchandising companies is at a very high level, although sales are expected to ease later in the year when pre-devaluation stocks have been exhausted. Despite very competitive conditions both in New Zealand and overseas, th%' construction and engineering

divisions continue to trade satisfactorily.” The results for the Cable Price Downer group for the six months ended September, 30, 1984, will be issued to the Stock Exchange on Monday, November 12. Rights trading in the redeemable specified preference shares opened on October 12, and will close on November 13. The funds to be raised by the issue will, with additional finance from existing sources, be used to pay for the 17,200,000 ordinary shares of Dalgety Crown Corporation purchased recently.