Reid F. profit up 22.5%

Press, 24 February 1987, Page 24

Reid F. profit up 22.5%

PA Wellington Reid Farmers, Ltd, has reported an unaudited profit before tax and for the six months ended December 31, 1986, of $967,000, an increase of 22.5 per cent on the profit of $789,000 for the corresponding six months in 1985. The tax provision was $421,000 ($325,000) and the tax-paid profit was $546,000 — an increase of 17.4 per cent compared with $464,000 in 1985. In addition there was an extraordinary profit of $102,000 from the sales of surplus buildings. The chairman, Mr R. R. Hudson, said the result was pleasing and predicted the second half would also give a satisfactory result He said client advances had reduced substantially and the company’s liquid position was the best for many years. Both the RF Woolscour and the RF Finance Company had contributed good earnings. Sales of both store, fat stock and wool have been ahead of the previous year and this has contributed to the increase in the company’s earnings. One of the major difficulties affecting the company’s fanner clients is high interest rates, the directors said.