Gold Peak Industries raises interim by 7.5pc

PUBLISHED : Thursday, 30 December, 1993, 12:00am
UPDATED : Thursday, 30 December, 1993, 12:00am

GOLD Peak Industries (Holdings) yesterday announced a 7.5 per cent rise in profits to $50 million for the six months to September 30.

Dividend per share fell to four cents from 4.5 cents. Turnover jumped 22.4 per cent to $1.12 billion. Earnings per share where 11.3 cents.

The company said its GP Batteries International division continued to achieve satisfactory growth despite slower markets in the United States and Europe.

A joint venture with Toshiba in China began operations and sales of batteries under the Toshiba and GP brand names were encouraging, it said.

Gold Peak said its results were hurt by its car audio business.

which suffered due to sluggish markets in the US, Europe and China.

The company expected the rest of the fiscal year to remain challenging but it was optimistic most divisions would see stronger sales starting in mid-1994.