COMPANY NEWS
M.K. MANUFACTURERS’ ACCOUNTS SMALL INCREASE IN PROFIT ? C \ e < ase £774 in net profit of M.K. Manufacturers, Ltd., to £31,532 is shown in the accounts for the year enaed December 31, 1947. An unchanged cuvidend of 8 per cent., payable on May: s’ir -l? U i reS £3ol °- and after providing £ 18,041 for tax reserve and £BOOO to overseas exchange fluctuation reserve, the i fOrWard increased by £2lBl to
Due to increased stocks of raw materials, a bank overdraft of £32,248 was inagainst a credit balance of £27,002. During the year Government securities totalling £11,636 were liquidated. To guard against sterling devaluation, £BOOO has been set aside. The directors report the completion of an agreement with Battersby and Company, Ltd., England, whereby the company will purchase materials for Battersby hats direct and sell the finished product -in New Zealand. Previously the company made up hats for the New Zealand subsidiary, Battersby N.Z., Ltd., and received a “making up” price only.
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Bibliographic details
Press, Volume LXXXIV, Issue 25444, 16 March 1948, Page 8
Word Count
162COMPANY NEWS Press, Volume LXXXIV, Issue 25444, 16 March 1948, Page 8
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