Mair leaps to $11.7M profit
The Christchurch-based trading group, Mair Astley, reports a sharply increased profit for the year ended June 30. The group tax-paid profit is $11,749,000, compared with $1,869,000 the previous year. Turnover in the latest year was up 27.7 per cent at $536,301,000 (1985-86 $420,002,000). The before tax profit was $11,682,000 compared with a loss of $537,000. This year’s result includes minority interests Of $249,000 (1985-86 $149,000) and share of associated companies profit $32,000 ($305,000). Extraordinary items comprise $151,000 capital profits on disposal of land (1985-86 $2,069,000). Last year the group blamed sudden changes in Government policy and a freezing works strike for
an estimated loss in pretax profits of more than SUM. For that year the group made a loss of $200,000 before extraordinary items. The directors say the latest result should be compared with the 198485 profit of $5.784M rather than the “abnormal year” in 1985-86.
The directors recommend a final dividend of 7.5 c (15 per cent) making a total dividend of 15c (30 per cent for the year. It will be payable from retained earnings on November 18.
They say the dividend is equivalent to a 35 per cent dividend on capital before the May bonus issue.
They said results in the latest year in commodity trading and processing were good throughout the group, though they were
marred by difficulties for group manufacturing export companies. Steps were taken during the year to strengthen the balance sheet to better withstand more volatile trading conditions. Shareholders funds have increased 76 per cent to S74M with the equity to total assets ratio rising to 41 per cent The movements resulted from the issue of new shares and the retention of profits.
Earnings per share are 35c on current issued capital or 40c adjusted for shares issued in 1986/7. Earnings on turnover were 2.2 per cent, 10 per cent above the previous high for the group.
The directors say they expect a further satisfactory result in the current year.
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Press, 22 September 1987, Page 37
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332Mair leaps to $11.7M profit Press, 22 September 1987, Page 37
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