AUCKLAND GAS ACCOUNTS

Press, Volume LXXXIV, Issue 25444, 16 March 1948, Page 8

AUCKLAND GAS ACCOUNTS

DECREASE IN PROFITS The net profit of the Auckland Gas Company, Ltd., for the year ended December 31, 1947, shows a decrease of £1777 to £12,895. The unchanged dividend of 2J per cen|. requires £13,309, .which is £414 higher than the net profit. The sum of £11,744 transferred from the investment fluctuations account, now closed, increases the carry-forward to £ J3- 878 - against £2548 brought in. The surplus for the year, including a Government subsidy of £26,364, was £51,210, against £56,096 in 1946, when the subsidy was £17,500. Provision for taxation of £38,315 was £11,325 lower. The balancing total is £168,541 higher at £1,563,382.

Revenue from sales of gas, residuals, fittings, etc., was £560,234, compared with £551,609. Manufacturing costs, after deducting an (amount of £26,364, agreed to be paid by the Government by way of subsidy, were £4683 lower at £339,624. Cost of distribution was £41,638, against £41,598. Management and other expenses totalled £178,986, against £127,107, including depreciation at £36,503, against £36,949.

Huddart Parker Profits.—The consolidated net profit of Huddart Parker, Ltd., Melbourne, and its subsidiaries, for the year ended December 31, 1947, showed a decrease of £18,600 to £131,924. The profit is struck after providing £30,311 for taxation, against £68,822. and £43,798 for depreciation, against £71,634 last year. The parent company showed a profit of £119,894, against £119,992 in 1946. Preference dividend of 6 per cent, absorbs £30.000, and the unchanged ordinary dividend of 12 per cent, requires £90,000, leaving a carry-forward of £65,356, against £65.461 brought in.

New Freezing Company.—The Alliance Freezing Company (Southland), Ltd., with a capital of £500.000, has been registered in Wellington as a private company. Equal shares in the company are held by Southland Sheepfarmers, Ltd., and W. R. Fletcher (N.Z.), Ltd.