G. J. COLES PROFIT

Press, Volume CVI, Issue 31116, 20 July 1966, Page 17

G. J. COLES PROFIT

Dividend Held Steady (N.Z. Press Assn.-—Copyright) MELBOURNE, July 19. G. J. Coles and Company, one of Australia's biggest retailers, earned a steady group profit for the year to June 25 and is paying an unchanged 11 per cent to shareholders for the eighth successive year. Group profit, subject to audit, was 8,267,354 dollars against 8,250,230 last year. However, the brief preliminary statement does not disclose the latest tax provision. Last year the company provided 5.96 m for taxation. Earning rate on capital is about 16.75 per cent, compared with 16.7 per cent for 1965. Directors say that it has been a difficult trading year and that variety store sales have been affected by the hesitancy in spending in the Janu-ary-June period. Sales in supermarkets and food stores have shown good increases. Costs associated with extensive new store development during the year and decimal currency conversion have been absorbed, directors say. In view of these factors and the prevailing conditions, directors consider the result for the year to be satisfactory. The company will pay a final 7 per cent to shareholders on September 3.