BET lowers interim payment
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FTER consulting with the Treasury the board of British Electric Traction has decided to reduce its previous interim dividend of 5 per cent and to cut the latest payment to 171 'per cent. In n accompanying statement the directors comment that, as nticipated, the results for the first half of the current year were lightly lower compared with those for the same period a year ago.
Though the group pre-tax profit for the second-half is also xpected to be somewhat lower, they anticipate that the net Tofit for the full year would, in the event of there being no 3overnment clamp-down on distributions, justify maintenance of he 70 per cent dividend paid in respect of the year that terminated in March 21. In the circumstances the total for the year looks like Jeing 621 per cent. Group pre-tax profits for the first six months 'mounted to £3.5 million compared with £3.6 million in respect if the same period previously.
Provincial Traction announced that group pre-tax profits for the 18 weeks to July 16 amounted to £59.000. This total compared vith £64,000 in respect of the same period previously. The :hairman reports that the question of an interim dividend will )e considered by the board in _November. Last year's half-way;tage payment was 34per cent. Bus operations have been well naintained, it is stated, and show an improvement compared with year ago. Nevertheless, though trading was satisfactory for the irst four months, the chairman warns that because of the .1ffects of the Government's deflationary measures even mom iifficult trading conditions than those experienced subsequently Airing the first-half by the motor division can be expected during :he second-half of the current year.
Martin Younger