Light Leathers profit $3M
PA Timaru New Zealand Light Leathers, Ltd, has announced a $3.05 million net profit for the year ending December 31, 1984. The company also announced a dividend of 5c a share (10 per cent). The chairman, Mr E. J. Hazlett, said that this was covered 10 times by the 1984 profit and was arrived at after considering the impact of the phased removal of export in-
centives, and the need to increase shareholders’ funds to a reasonable level. Mr Hazlett said New Zealand garment manufacturing had become a significant industry because of its world standard leathers. The industry had grown in response to the tourist trade demand, and throughout the year strong New Zealand demand gave a firm base for the company’s activities.
Pelts were purchased in 1984 at reasonable levels and devaluation produced a limited benefit. Export sales benefited in the second half of the year, while pre-devaluation pelt stocks lasted and export incentives continued. This year, however, was showing ’a different pattern, although the company still expected to remain profitable for the remainder of the year.
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Press, 29 May 1985, Page 38
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182Light Leathers profit $3M Press, 29 May 1985, Page 38
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