Philips loss $Aust9M
NZPA Sydney' Philips Industries Hold-; ings, Ltd, the electronics and! ! electrical group, expected: '1978 to be a bad year, but it! jhas turned out even worse [ i than expected. The directors revealed i group losses totalling more than sAust9M, blaming problems in the “whitego o d s ’ ’ and telecommunications divisions, as well as a sizeable rise in interest payments. Group sales were up 12.5 per cent to S3BIM, and the improvement was 4.7 per cent if adjusted to take account for the fact that Pye’s contribution covered five months of 1977 com,pared with the 12 months of 11978. ■ Nevertheless trading profit [dropped from last year's | $506,000 profit ta a loss of !$4.7M, with interest payiments up from $6.4M to [SIO.3M, mainly as a result [of the 1977 take-over of Pye, [and despite a tax credit of !SI.2M (SI.9M previously). The directors do not i recommend a dividend. J
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Press, 7 April 1979, Page 19
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151Philips loss $Aust9M Press, 7 April 1979, Page 19
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