Milburn trims result

Press, 27 September 1988, Page 28

Milburn trims result

Christchurch-based cement company Milburn New Zealand (formerly New Zealand Cement Holdings) yesterday reported a lower after-tax trading profit of $5,227,000 for the half year ended June 30. The company’s balance date was changed in 1987 from July 31 to December 31 so the comparable figures with the latest report are for the half-year ended July 31, ; 1987. i Although . group turnover ; Increased by over $2 million i for the latest period to g 45556,668,000, the after-tax < profit was $1,413,000 down on the previous period. ; Group net profit, excluding <

extraordinary items, was $5,227,000 ($6,640,000 previously) after significantly lower tax provision of $2,165,000 ($5,872,000). In addition to the above trading profit an extraordinary credit of $3,070,000 arose from the reduction in the rate of income tax applied to the company’s provision for deferred taxation. In the corresponding period there were extraordinary losses of $2,738,000, arising from a write off of development expenses. Milbum will pay a dividend of scps on October 21. Market conditions deteriorated during the latest period and depressed profit margins,

the directors said. Auckland cement sales to June 30 were 6 per cent higher than the correspondingg period but the increase was offset by a reduction in the Otago, and Waikato-Bay of Plenty regions. Sales in other areas were steady, the directors added. '