Fortuna doubles profit

Press, 13 June 1986, Page 8

Fortuna doubles profit

Fortuna Corporation, Ltd, the diversified toy maker and distributor, more than doubled its group net profit from $704,000 to $1,615,000 in the year to March 31, the directors announced yesterday. The directors said that the result was achieved on a turnover of $13,502,000, up 95.2 per cent on the previous year, reflecting a number of initiatives taken during the year. This included buying the Auckland Tool and Gauge group of companies, and Ronstan Marine, of Australia. The giftware division, acquired on April 1, should make a significant contribution to profits this year, the directors said, adding that they expected earnings to make significant gains. the pre-tax profit was more than three times ahead at $2,548,000 ($704,000 previously). Tax took $933,000 (nil). There were no equity profits ($62,000) and no extraordinary items for either year. A recommended final dividend of. 5c a share gives a steady annual rate of 9c a share (18 per cent). Capital was increased by a one-for-one cash issue in November. The dividend is payable on August 29, ex dividend on August 13.