Phoenix Meat ahead

Press, 28 December 1988, Page 24

Phoenix Meat ahead

The net after-tax profit of the West Coast beef processor, Phoenix Meat Company, rose 5.8 per cent to a record $1,949,069 in the year ended September 30. The chairman, Mr Frank Wall, says in the annual report that he believes the result to be exceptional in a year when throughput, although second best, fell 10 per cent to 33,719 head of cattle.

The directors recommend that a final dividend of 4c a share be paid on all shares not converted to rebate shares. Together with the interim dividend of 11c a share

this makes a total of 15c a share, or 30 per cent. During the year a number of local body loans were paid off: all loans payable to the National Provident Fund as a result of the purchase from the West Coast Regional Abattoir Company, the balance of the suspensory loan outstanding to the Development Finance Corporation. This has reduced term liabilities from $826,080 to $46,087, this being the balance of the Rural Banking Corporation loan. In a comment on trading, Mr Wall says that the company continues with its policy

of involvement in the three main centres on the West Coast. “However, the Westport shop has been leased out, and at Hokitika restructuring is taking place which will result in better utilisation of staff and plant. The Greymouth outlet experienced two major inundations of flood waters this year. Referring to the future, Mr Wall says that the company is financially secure with sound prospects for the future. But he expressed bitter disappointment over the plight of farmers, and grave concern over high exchange and interest rates.