McAlpine sales decline

Press, 5 December 1985, Page 61

McAlpine sales decline

McAlpine Industries, Ltd, will find it a challenge to achieve an equivalent profit to that of last year, the chairman, Mr L. R. Willis, told the annual meeting. He said the high cost of hirepurchase finance was affecting the sales of washing machines and driers. Sales for the first three months of the present year were about 10 per cent below those of the corresponding period last year. Demand for some products such as domestic refrigerators, supermarket equipment and air-conditioning packaged units for multi-storey buildings was still “quite strong,” he said. The Government action to liberalise imports had provided the opportunity for McAlpine to strengthen its association with Hoover and Email, Mr Willis said, and the company was negotiating to import and distribute Westinghouse air-conditioning equipment for which a worth-while demand was expected. He said McAlpine intended to reduce further its level of investment in stock. Since balance date the company has sold four residential properties which produced a capital profit of more than $350,000.

Shareholders approved a resolution to introduce a bonus shares in lieu of dividend scheme.