Forex losses hit PDL
PA Wellington PDL Holdings, Ltd, cited big foreign exchange losses for its 28 per cent fall in profit to $4,149,000 ($5,764,000 last year) for the year to March 31. The Christchurch-based electrical and plastics maker said that the PDL associate, Malaysia-based PDL Wylex Sdn Bhd, made a profit of $513,000. PDL’s share of this was $148,000. However, PDL had sold
further shares to Malay nationals as required by the Malaysian Government, thus reducing the amount available for equity accounting. This, in conjunction with big losses due to the fluctuating N.Z. dollar, showed a negative contribution of $359,000. The loss compared with a gain from associates of $666,000 the previous year. The directors recommended a 4.5 c dividend.
Turnover rose 10.7 per cent to $94,355,000 ($82,248,000) and exports were up 10.4 per cent to $14,554,000 ($13,183,000). Pre-tax profit fell 9.7 per cent to $4,223,000 ($4,675,000). The chairman, Sir Robertson Stewart, said the group had bought Electric Fitments Ltd, an Auckland-based lighting ware importer, in accordance with PDL’s restructuring programme.
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Press, 13 June 1986, Page 9
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172Forex losses hit PDL Press, 13 June 1986, Page 9
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