Sanford profit slip

Press, 19 April 1986, Page 21

Sanford profit slip

PA Wellington Sanford, Ltd, trading profit decreased 16.9 per cent to $3,310,000 ($3,985,000) for the six months ending February 28, the company said in a statement to the Stock Exchange. Provision for tax of $1,321,000 ($1,051,000) was made, and minority interests were nil ($44,000). There were no extraordinary items.

A dividend of 5c a share, an increase of 33.3 per cent on the interim dividend last year, would be paid on June 6. Books close on May 26. Turnover for the period was $37,827,000 ($31,330,000) The drop in profit was because of adverse exchange rates, and the removal of 50 per cent of export incentives, Sanford directors said.

But they said they regarded the result as satis-

factory, and assuming there was no further strengthening of the New Zealand dollar during the rest of the income year they expected an acceptable annual performance. The company also said the dividend option scheme in which holders of ordinary shares may elect to receive additional fully-paid bonus shares instead of dividends would apply to the interim dividend.