SILKNIT PROFIT £17,760

Press, Volume XCIII, Issue 27924, 22 March 1956, Page 17

SILKNIT PROFIT £17,760

COMPANY NEWS

RECOVERY FROM LAST YEAR’S LOSS (New Zealand Press Association) AUCKLAND, March 21. Net profit of Silknit (N.Z.), Ltd., lingerie manufacturers, Auckland, was £17,760 for the year ended December 31. The result, which compared with a profit of £7214 in 1954 and a net loss of £52,577 in 1953, is the company’s highest for 15 years. It was struck after provision of £4035 for depreciation, a reduction of £247 from the previous year. No tax provision was necessary. As previously announced, dividend has again been passed. The last payment was 7 per cent, in respect of the 1951 year. The net profit has been applied in reducing the debit balance in the appropriation account from £58,882 to £41.122. Gross profit increased by £13,984 to £41.930, while expenses of selling and distribution and discounts were £3685 higher at £20.135. MOTOR BODIES’ NEW ISSUE (New Zealand Press Association) AUCKLAND, March 21. New Zealand Motor Bodies, Ltd., Petone. has announced a new issue of shares, to be made in the ratio of one for each 12i £1 shares held up to April 17. The new issue will be made at par, and applications close on May 14. The company has an authorised capital of £150.003, with a paid-up capital of £125,000. If the new issue is fully subscribed, the paid-up capital will be increased to the full amount authorised.