Tyree half year boost

Press, 6 September 1989, Page 41

Tyree half year boost

NZPA-AAP Sydney Improved management techniques were the impetus behind Tyree Industries lifting its half year net profit by 444 per cent.The transformer specialists and heavy electrical equipment manufacturer said its profit of sAustl.B7 million (SNZ2.4M) to May 31 was recorded on sales of sAusts6.23M (SNZ72.3M). This result was achieved despite a loss of $1 37M on New Zealand operations where depressed conditions had seen low demand and substantial discounting, the company said. The problems were exacerbated by uncertainties associated with the receivership and liquidation of Tyrees former half owner, Cory-Wright and The company attributed its Australian success to the implementation of the Total Quality inventory programme and

the Just in Time defect-minimisation programme, techniques the company employed after seeing their success in Japanese industry. The figures had been helped by a high level of demand for transformers in the housing and construction industries. However, future projections of contraction in the home building industry cast doubt on whether these levels could be sustained into 1990. Tyree said earnings were also boosted by an extraordinary gain of $1.94M which came as an after-tax return from the trustees of Westinghouse Superannuation Funds. Westinghouse Electric Corporation is the majority shareholder in Tyree Industries. The directors recommended an interim fully franked dividend of 6.5 c, of which 5c had been paid on June 2, with the remaining 1.5 c to be paid on October 6.