COMPANY NEWS

Press, Volume LXXXIV, Issue 25608, 24 September 1948, Page 5

COMPANY NEWS

AUSTRALIAN CONSOLIDATED INDUSTRIES

The consolidated net profit of Australian Consolidated Industries, Ltd., for the 13 months to June 30 and of its subsidiaries for the year ended March 31 was £476,515. against £479,980 the previous year. The result is after providi ing £99,151 mpre for depreciation at i £547,946. Tax provision is undisclosed. The parent company darned a net profit of £379,167 during the 13 months, compared with £376,964 in the previous year. Ordinary dividend, which was raised from 7 per cent, to 8 per cent., and the 9 per cent. preference dividend require £374,649.

During the year an amount of £212,049 in the consolidated accounts was transferred to general reserves. Consolidated assets have risen by £700,503 to £11,035,931. The balancing date of the parent company was changed during the year from May 31 to June 30. Wm. Cable Dividends.—Advice has been received that a’t a meeting of the directors the following resolutions were passed:— That a dividend on preference shares for the half-year ended September 30, at the rate of 7 per cent, per annum, be paid on November 1; and that no deduction be made from dividends for social security tax; further that payment of this tax by the company is to apply to this distribution only, and that the payment be made without committal for future dividend payments—ex dividend October I.—(P.A.)

North Broken Hill Accounts.—After providing £408,000 for taxation and royalty, and £300,000 for depreciation, the net profit of North Broken Hill, Ltd., for the year ended June 30, 1948, was £979,822. A .dividend of £350,000 was paid out of this' profit in June, 1948, and the net amount of appropriation for new plant was £309,587. For the year ended June 30, the net profit, after providing £749,000 for taxation and royalty, and £75,000 for depreciation, was £1,137,436. Victoria Laundry.—The directors will recomend an annual dividend •of 3 per cent. (4 per cent, last year) at the annual meeting on September 30. Books were closed some days ago. Payment is to be made on September 30.—(P.A.)