Sharechat Logo

Exports help Mr Chips

By Phil Boeyen, ShareChat Business News Editor

Friday 3rd November 2000

Text too small?
Listed food processor Mr Chips is forecasting a continued positive outlook for the rest of the financial year following a profit jump of 55% for the six months to the end of September.

The chip manufacturer has booked a half-year profit of $894,000 compared with $574,000 in the same period last year. Sales increased by 10.5% to $9.5 million from $8.6 million, reflecting increased exports.

While tight control of costs has generally been maintained, the company says margins are now under pressure from higher packaging and fuel-related costs.

Up to the end of September Mr Chips spent $439,000 to extend production facilities in East Tamaki, which are expected to be finished early next year and should improve profits in the 2001/2002 financial year.

The directors of the company say they are pleased the market has significantly re-rated its share price, and senior management has been invited to share in the growth of the company by way of an issue of 240,000 options. The options have a strike price of 90 cents and can be exercised after two years.

An interim dividend of two cents per share has been declared.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.