Apparel back in the black
PA Wellington Apparel Holdings, Ltd, Palmerston North-based woollen goods manufacturer, has declared a profit of 51,875,000 for the period to January 31 and is reinstating its dividend. This turns around a loss of $484,000 for 1983 but the company said the comparisons were not meaningful because of its altered capital and operating structure, and a changed balance date.
Sales were $36,512,000. Tax provided for was $1,180,000 but the company said none would be paid because of Apparel’s interest in oil exploration through its subsidiary Apparoil Exploration Ltd.
The recommended final dividend will be 7.5 cps, or 15 per cent. No payment date was given, but books close on June 14. After the annual general meeting on June 20, approval will be sought from the High Court to make the share premium available for tax free dividends. The chairman, Mr P. J. Jackson, said he was pleased to note that the new divisions introduced into the company had enabled the immediate reinstatement of a dividend. Sales since balance date were in excess of budgets, and the directors were confident of a substantially increased result in the current year.
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Press, 19 April 1985, Page 16
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192Apparel back in the black Press, 19 April 1985, Page 16
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