LOWER PROFITS

Auckland Star, Volume LXXII, Issue 192, 15 August 1941, Page 3

LOWER PROFITS

RENOWN COLLIERIES

dividends unchanged

Lnder the impact of war conditions Renown Collieries, Limited, lias suffered the firrit setback, except for a slight ie\ersal "in 1930. since the capital was reorganised seven years ago. The profit tor the year closed .July :n was £17.06". compared with £21.640 last year. From this amount, however, has to be deducted estimated income tax, £8081. security taxes. £1600. and profits tax, £"2T.S, a t to^L of This gives a net result of against £8600 in the previous year and £7700 in 1939

I lie directors recommend the usual dividends ot 7 per cent on preference shares and 10d a share on ordinary scrip, absoi bing the balance of £7100. They state that trading conditions have been normal. Results tor the last three years arc: — 1939. 1940. 1941. P rofit 14.938 21.640 17^062 iE*°™s? '" x 6-191 11.397 8.081 ta * eS 747 1.743 1.606 Excess profits tax ... — — 97s Dividends— ° , 7 P° 2.100 2.100 2.100 ord.. lOd 5.000 5.000 5.000 ro reserve 600 1.500 — appropriations 14.938 21.640 17.062 under the company's articles any suriV a,e placed to reserve. Balance-sheet movements are: - LIABILITIES £ £ Paid capital . 102.000 Same Reserves and surplus .. 24.048 —3 152 Debenture issue 10.065 —2,194 Accrued wages, etc. ... 6.046 4-178 Accrued royalties ... 1.105 -1-50 ASSETS Property and plant ... 77.433 1.644 Stocks and stores 9.641 -f-1912 Debtors * 18,252 4-1.462 Investments 33.547 -1-7.069 Cash 4.308 —13.854 The balancing total is £.:>llß lower at i.14.>,*50. Items under reserves and surpluses are:—General reserve, £6000income tax reserve, £80S1; security taxes reserve. £1414; excess profits tax reserve, '''» holiday wages reserve. £1177; profit and loss appropriation, £7100. The main change in the accounts is the substantial decrease in ca*h, partly owing to investment in Wat Loan stock, and a corresponding increase has taken place in investments.