NORVIC SHOES ACCOUNTS

Press, Volume XCIII, Issue 27992, 12 June 1956, Page 17

NORVIC SHOES ACCOUNTS

COMPANY NEWS

BEST RESULT FOR FOUR YEARS

A net profit of £99 —the best result since £2074 was earned in 1951-52 is shown in the accounts of Norvic Shoes (N.Z.), Ltd., for the year ended March 31, 1956. For the third year in succession, no dividend is recommended. Last dividend was 2$ per cent., paid in 1952-53. The accounts of the operating company, Norvic Footwear, Ltd., show a profit of £2516, compared with a loss of £1740 the previous year. Depreciation is £895 higher at £4577. Although the profit shown for the year is small, directors report, they consider the company is now making steady progress. Outside indebtedness has been reduced by £15,070. “The company’s branded lines of Norvic women’s shoes and Kiltie children’s shoes are now well established, and there is a steadily increasing demand. The production of the factory is still, however, below its capacity, and increased output is essential for satisfactory results to be obtained.” Gross profit of the operating company from trading and other income is £8333 higher at £30,958. Expenses rose £2582 to £23,265. Directors’ fees take £6OO (nil last year). Net profit of £2516 is transferred to the profit and loss appropriation account, bringing it to £4172. The operating company’s overdraft fell from £30,051 to £14,046, and trade account? rose £lOB5 to £16,176. Advances by the holding company are £l5O lower at £67,800. Plant and equipment, less depreciation, are £2456 lower at £24,563, and total fixed assets are £2527 down at £55,757. Stocks fell £6427 to £44,656. and total current assets are £10,027 lower at £64,446. Profit and loss account of the holding company shows earnings from interest at £339. Directors’ fees of £l5O (nil last year) are listed. GORDON AND GOTCH ACCOUNTS (Gordon and Gotch (Australasia), Ltd., increased consolidated net profit by £A28,950 to £A347,191 in the year to March 31. This is the third successive rise, and follows a gain of £A7927 last year and £ A11i,757 in 1954. Latest result is after £A214,915 tax, which is disclosed for the first time, and £A31,887 depreciation (up £A3670). * Profit is equal to an earning rate of 25.7 per cent, on ordinary capital, after allowing for the preference dividend. Dividend is again 18 1-3 per cent., requiring £A238,250. Preference charge, 8 per cent., is £ABOOO. Reserve takes the rest of the profit, £A100,941, making it £ A 1,548,000. Turnover was higher, and sales are still rising, despite a slowing down m debt collections, directors state. Import licences of paper and other commodities were being obtained to the value of the company’s quota. Licences for importing printing machinery, however, were not readily forthcoming. First supplies of New Zealand newsprint were generally approved by users, but import rationing and early mill difficulties had caused some reduction in the quantities sold. NATIONAL TIMBER (New Zealand Press Association) AUCKLAND, June 11. Net profit of the National Timber Company, Ltd., Ngongotaha, increased by £904 to £1379 in the year ended March 31. The result was struck after provision of £479 more for taxation at £6OO. As previously announced, dividend is unchanged at Is 3d a Is share (final, 6d. payable June 30), and absorbs £4375.

Gross profit increased by £1514 to £3OBl, and other income declined by £127 to £1025. Expenses, apart from taxation, were £136 lower at £2127.

Cyclone Fence.— Final dividends of 41 per cent, ordinary and 2J per cent, preference have been declared by the Cyclone Fence and Gate Company, Ltd This makes 7$ per cent, ordinary and 5 per cent, preference for the year. Dental and Medical.—The net profit of ( the Dental and Medical Supply ComP an £’, LJ#-’ Wellington, declined by £l2O to £12,423 m the year ended March 31. The result was struck after provision £ 1741 more for taxation at £12.158 and £92 more for depreciation at £3123. The dividend of 74 per cent, and bonus of 2J per cent, have remained unchanged, requiring £4334 and £1446 respectively The amount of £6OOO (same) has been added to general reserve, raising it to £48,500. The sum transferred to staff superannuation reserve was / £5OO less than in the previous year, at £5OO. The net profit exceeds the dividend and reserve requirements by £143. whereas in the previous year the net profit was £237 less than these requirements. Gross profit increased by £4338 to £84,929, while sundry receipts rose by £699 to £5347. Expenses, apart from taxation and depreciation, increased by £3324 to £62,571 Stocks increased by £11,901 to £89,811, but bank overdraft was reduced by £4877 to £40,561. POTATO SHIPMENTS Shipments of potatoes from Lyttelton in the last fortnight dropped sharply, totalling 9134 sacks, compared with 28,040 sacks in the previous fortnight. So far this season, 77,392 sacks have been shipped.

Details of shipments from Lyttelton to various destinations in the two weeks ended June 9, with the total to date in ?££ nt ? eS i IS ’ a , r n e , =n, s foll ows:—Auckland. (21 £ 31 L’ Wellington, 1666 (22,008), Napier-Gisborne, 1906 (12.995); W®. st C 03 5- North Island, 2543 (19,331); Fiji, 776 (1527); total, 9134 (77,392)