Waste Management had good year

Press, 13 April 1989, Page 25

Waste Management had good year

Waste Management NZ, Ltd, will offer in the current year an increased range of services, and will actively promote recycling through “Recycle New Zealand,” the directors say in the annual report for the year ended December 31.

The beginning of household “Handikart” waste collection contracts for the Mount Roskill Borough Council in Auckland and the Malvern County Council was one of the year’s highlights. The managing director, Mr J. Alton Jamieson, says that throughout the trials and surveys of householders that have used the Hanndikart it has consistently stood out that between 90 and 100 per

cent of users prefer the new service to the traditional rubbish bag collection service.

As previously reported, net profit after tax and before extraordinary items increased 49 per cent to $1,146,368, over the comparative twelve months in 1987. The results for the current year have benefited significantly from the reduction in the company tax rate to 28 per cent, as the company was previously incurring the maximum tax rate of 48 per cent. The result was further improved by extraordinary items of $99,978 which compares with the extraordinary items for the previous period of

$1,225,020. The year 1988 has seen a reduction in waste volumes from some sectors of the economy particularly in manufacturing and construction where economic policies have hit home coupled with the downstream effect of the sharemarket crash in 1987.

The increase in the number of business failures has resulted in a significant increase in bad debt write-offs in addition to increased provisions for uncollectable debts.

Despite the adverse trading conditions the company achieved significant growth in volume and revenue, the directors say.