Repco static
PA Wellington The motor-parts group, the Repco Corporation N.Z. Ltd, has returned a static interim profit of $6,146,000 (last year $6,169,000) for the six months ended December 31.
Turnover was $97.9M ($96.3M). Tax took $2,016,000 ($1,501,000). There were no minorities ($82,000) and no extraordinaries (nil). Associates added $55,000 ($231,000). Interim dividend to be paid on April 24 will be 4.5 c per share.
Repco said the turnover figures were misleading as last year’s comparison included sales from now discontinued operations.
It said the last six months’
trading had been very difficult and directors were pleased with the performance under the circumstances.
High interest rates and falling local demand and the high value of the New Zealand dollar all contributed to’ the difficult environment.
The reduction in the value of the New Zealand dollar over the last two months had significantly improved profitability on manufactured exports and Repco expected this benefit to be reflected in the second half.
With the increasing threat of import competition, the industrial products and engineering plant division were being restructured to meet new market conditions.
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Press, 11 February 1986, Page 26
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181Repco static Press, 11 February 1986, Page 26
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