‘Huddart Parker Profit Misrepresented”

Press, Volume C, Issue 29514, 16 May 1961, Page 19

‘Huddart Parker Profit Misrepresented”

iNZP.A -Reuter—CTOT’O'iU MELBOURNE, May 15 1959. from which £lBO,OOO

The profitability of Huddart Parker Industries. Ltd., was '‘completely misrepresented” in a circular issued by Mr 3. K. R- Parker, according to Mr G. Noall. chairman of the company, in a circular issued to shareholders. He is seeking the support of shareholders at an extraordinary general meeting to be held on May 31. and called as a result of Mi Parker’s circular. Mr Noall says Huddart Parker Industries, Ltd., started accounting in December. 1959. when it emerged from the reconrrueted Huddart Parker. Ltd. The company earned a net profit of £252.221 for the year ended December 31

was paid in dividends. •‘Dividend Covered” Huddart Parker Industries earned a net profit in the year ended June 30. 1960. of £127,000. from which £98.875 was paid in dividends. Mr Noall says that the only dividend paid out of the profits of Huddart Parker Industries was covered by that company's profits. Although difficult trading conditions were being experienced in shipping and coal mining, directors believe both industries couid become as profitable as in the past. Mr Noall says he would leave the board if three out of five directors constituted themselves as a "working majority.”