HOLEPROOF INDUSTRIES
Steady Profit Rate
Profits of Holeproof Industries, Ltd., for the first quarter of 1961 were in line with those for the first quarter of last year, the chairman, Mr A. G. Staley, told shareholders at the annual meeting in Melbourne. Turnover was slightly lower. Directors were confident that 1961 results would be satisfactory. The company, however, was now feeling the effect of unrestricted imports, and had recently cut workinghours.
Mr Staley said the £370.000 shown in the bal-ance-sheet under "other debtors” was advanced to the holding company. Factors. Ltd. A further amount had been advanced in 1961. Those shareholders who converted their Holeproof shares into Factors shares must have been disappointed by Factors’ non-payment of an interim dividend, he said. The sale of some assets, if and when made, could restore Factors to a favourable liquid position, he added.
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Press, Volume C, Issue 29502, 2 May 1961, Page 17
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141HOLEPROOF INDUSTRIES Press, Volume C, Issue 29502, 2 May 1961, Page 17
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