Blunder costly to J. Hardie
NZPA-AAP Sydney A blunder by the management of a United States irrigation unit for James Hardie Industries, Ltd, of Australia, will be a serious blot on the company’s full year balance sheet when it is released in June.
James Hardie’s chairman, Mr John Reid, and the managing director, Mr David Macfarlane, said the slip up would mean “a slightly lower result for the full year” although the group would still return a profit. Neither man would divulge how much the management
mistake had cost James Hardie.
However, Mr Reid stressed that the group would maintain a final dividend of 11c a share, making an annual rate of 22c a share.
The situation in the United States arose because of “very poor management decisions made in the last six months” by the irrigation division’s chiefs, they said. Mr Reid said the year to March result would also be adversely affected by a much steeper decline in building activitiy and higher interest repayments.
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Press, 23 April 1986, Page 40
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166Blunder costly to J. Hardie Press, 23 April 1986, Page 40
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