FLETCHERS’ ACCOUNTS

Press, Volume XCIII, Issue 27990, 9 June 1956, Page 14

FLETCHERS’ ACCOUNTS

COMPANY NEWS

TURNOVER EXPANDS LESS SHARPLY

(New Zeaiana Press Association) AUCKLAND, June 8. Consolidated net profit of Fletcher Holdjngs, Ltd., and its subsidiaries showed a slight decline of £2OOO to £309,514 in the year ended April 30. The result was reached after provision of £294,714 for taxation (a decrease of £27,950_ from the previous year) and £227,553 for depreciation (an increase of £19,621).

The turnover again reached a record level at £17,317,962, but the increase on the 1954-55 year was only £242,550, compared with a rise of £2,174,535 in the previous year. The directors state in their report that this was brought about by a ‘‘substantial fall in joint venture turnovers.” The last year’s joint venture turnovers were £1,369,822, compared with £2,892,618 in the previous year. The increase in general expenses of the group was similarly lower. These expenses at £16.486,181, showed an increase of only £252,879, compared with a rise of £2,062,4b6 in .1054-55. The holding company’s profit and loss account shows that dividends received from the subsidiaries increased by £87,500 to £292,500. Because of reduced -interest charges to subsidiary companies, the holding companies other income from interest and insurance •£ ,^1 J^ Slons declined £43,557 to

Tax pr °Y ision was £23,294 lower at .•i?*.’ ™ hUe e enera l expenses increased slightly by £52 to £5633. The resulting t*o £3Ol 076 S an increase of £67,185

Orainary dividend is unchanged at 10 per cent and, because of a small issue during the year, absorbs £177,939, compared with £ 175,500 in the previous year. Payments on the three classes of preference snares absorb £40,500. The net profit clears the total dividend requirements of £218,439 by £82,637, and £68,677 ar 1 o y '£°™.3l4. *’ lnCreased During the year 23,390 ordinary £1 shares were allotted at a premium of 21s as consideration for the purchase price of ‘a substantial pine forest close to Christchurch, states the directors’ report. The balance-sheet shows a rise of £40,000 in sba res in subsidiaries and an increase of ridiaries in amounts owin S by the subFARMERS’ FERTILISER TO MAKE 1 FOR 4 ISSUE The New Zealand Farmers’ Fertiliser Company, Ltd., is to make a new share issue in the ratio of one new share tor every four held. The shares will be issued at a premlos a share - a nd the old share* will be ex rights on July 20.