UEB interim profit ahead

Press, 9 November 1984, Page 16

UEB interim profit ahead

PA Auckland Buoyant trading between July and September contributed to a 14.6 per cent increase in UEB Industries Ltd’s after-tax trading profit to $8,280,000 for tbe half year. The result, after tax of $2,432,000 (last year, $410,000) and minority interests of $22,000 ($7000), was earned on sales 21.8 per cent higher at $151.9 million. The profit also took account of a loss of $247,000 ($55,000 gain) in share of profits in associate companies which, the directors, say, reflects 50 per cent of the loss in Hycraft Carpets for the year ended June 30. In addition, there was extraordinary income of $3,143,000 ($323,000) which included net gain on disposal of assets, exchange losses on repayment of overseas loans and net exchange gains on overseas investments.

The chairman, Mr Lyn Papps, says that after a relatively slow start in the first quarter, business picked up quickly and remains at a high level. UEB’s continuing export drive resulted in overseas sales of $35 million, an increase of nearly 33 per cent on the same period last year. Although carpets and yarns comprised the bulk of the exports, packaging sales overseas increased by more than 70 per cent.