Damba profit down
PA Wellington Auckland-based Damba Holdings has reported a lower profit despite higher sales in the year ended March 31. The commercial furniture maker earned $1,197,000 ($1,910,000) on sales of $9,779,000 ($8,985,000). Damba has started amortising goodwill over 20 years and this year set aside $238,000 (nil) to produce a bottom-line profit of $600,000 ($954,000). A final dividend of 5 per cent will be paid on July 28, making a total 10 per cent for the year. The dividends are'fully imputed. Damba told the Stock Exchange it was “well positioned to look forward to an improved year with better pricing and a more established export market.” Damba Holdings annual result to March 31
1989 $000 1988 $000 Change % Turnover 9779 8985 +8.8 Pre-tax profit 1197 1910 -37.3 Goodwill 238 — — Taxation 359 956 — Total profit 600 954 -37.1
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Press, 1 June 1989, Page 47
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139Damba profit down Press, 1 June 1989, Page 47
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