N.Z. Cement improves

Press, 9 April 1979, Page 27

N.Z. Cement improves

In spite of cement sales falling 4.8 per cent to 144,354 tonnes in the six months to January 31, the unaudited group net profit of New Zealand Cement Holdings, Ltd, rose 47 per cent to $597,000. At the annual meeting last November, it was reported that cement sales for the current year were then fractionally lower than 12 months ago, but indications were that the market would not sink further, the directors say.

“So far this has proved to be the case and the market appears to have steadied, and it is now hoped that some improvement may now develop.”

The profit was after providing $4OOO less for tax at $77,000, $3OOO less for depreciation at $1,583,000, and $5OOO less for minority interests at $25,000.

It was also after deducting net exchange gains and losses of $327,000 ($19,000 previously). No provision for tax has been made by the parent company because of past allowances carried forward, and it is expected that net tax will be payable. A steady interim dividend of 5c a share (5 per cent) is payable on April 30, ex dividend on April 9.