Sharp profit fall for A. Barnett

Press, 23 November 1988, Page 42

Sharp profit fall for A. Barnett

PA Dunedin Retailer Arthur Barnett, Ltd, had a fall in bottomline profit for the year ended August 1 to $852,000, from $4,497,000 in the previous year. The latest year included trading results and restructuring costs of 16 DIC department stores acquired by Arthur Barnett last December, the directors said.

An audited report of the company’s annual result showed turnover was $91,406,000 ($32,929,000 previous year). But trading profit fell to $189,000 ($1,895,000). Tax was a credit of $6OOO ($343,000 deduction). Arthur Barnett had

an after-tax profit of $195,000 ($1,552(000). The company also derived income from its 50 per cent shareholding in Arthur Barnett Properties, Ltd. The share of its retained profit amounted to $433,000 ($595,000), and this gave a group profit before extraordinaries of $628,000 ($2,147,000). An extraordinary gain of $224,000 was derived from the net effect of the sale of assets and leases, the write-down of an investment, and the restatement of deferred tax in line with the reduction in company tax rates. The previous year included extraordinary profit of $2,350,000 from the sale of land and build-

ings to Arthur Barnett Properties.

Shareholders funds in Arthur Barnett are now $l9 million which equates to an asset backing for the ordinary 50c shares of 370 c. i The directors recommended a final dividend of 6c a share which, together with the interim dividend paid in April of 6c, makes a total of 12c a share, steady with the previous year. The total dividend for the latest year is payable on the capital increased as a result of the one-for-six bonus issue made last February 18. The dividend is payable on February 9.