AUCKLAND GAS RESULTS

Auckland Star, Volume LXXIV, Issue 40, 17 February 1943, Page 5

AUCKLAND GAS RESULTS

NET EARNINGS MOKE THAN HALVED A sharp fall In net pi-ofit, accounted for largely by tlio imposition of £8836 additional taxation after the 1041 accounts were closed, is shown in the accounts of the Auckland Gas Company, Limited, for the year ended December 31. The net earnings are £11,109, compared with £23,362 the previous year and £21,001' in 19-10. These are reached after providing £86,186 for taxation, against £63,548 previously. The year's dividend, which is 3 per cent, a fall of 1 per cent, and has already been announced, absorbs £15,970, leaving £2147 to be carried forward, agairst £7009 brought ill. Sir James Gunson and Mr. J. A. Gentles are the retiring directors available for re-election at the annual meeting on February 26. Results for three years are:— 1940 1941 1942 Brought forward 10,329 4,941 7,003 Net profit 21,001. 23,362 11,109 31,330 28,303 18,118 Income tax reserve 5,095 — — Dividend p.c 4 4 3 Amount 21,294 21,294 15,970 Carried forward £4,941 £7,009 £2,147 Liabilities Paid capital 532,348 Same Debenture loans 766,433 —5,810 Accrued deb. int 11,793 +1,345 Loans on deposit 360 —5,788 Income tax prov 131,362 +23,328 Sundry creditors 16,110 +5,665 Invest fiuc. acc 2,557 +2,557 Profit and loss acc 8,801 —10,186 Assets Capital expend .- 1,118,530 —10,483 Cash and invests 19,072 +7,016 War loans 61,302 +15,162 Sundry debtors 62,257 +24,721 Hire purchase sales 38,136 —7,601 Stocks 170,468 —21,231 The accounts balance at £1,469.766, an increase o£ £11,515. A new item is investment fluctuation reserve of £2557. Revenue from sales of gas, etc., was £509,873, against the previous year and £487,059 in 1940. Manufacturing costs stand at £247,761, a rate of £17,680, and distribution costs are £36,646, a drop of £8078.