M. Groves down; warning
. Moyes and Groves Industries, Ltd, annual profit fell 15.7 per cent, and the directors warned yesterday that the company’s trading was difficult, with turnover and profits below budget.
The Auckland-based maker of valves and industrial equipment earned a total net profit of $1,017,642 in the year to March 31, compared with $1,206,551 in the previous corresponding period.
The result included minority interests and equity profits. If these are excluded the net trading profit is down 16 per cent to $1,004,276. In giving the warning on trading, the directors said that they had budgeted for a similar result this financial year to that achieved to March 31. Turnover rose 5 per cent to $19.7 million, but the pre-tax profit fell 9.7 per cent to $1,878,552. Tax took $8937 less at $874,276.
A final dividend of 7c a share gives a steady annual rate of 14c a share (14 per cent), payable on August 15.
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Press, 12 June 1986, Page 24
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157M. Groves down; warning Press, 12 June 1986, Page 24
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