COMPANY NEWS AUCKLAND LAUNDRY

Press, Volume XCV, Issue 28257, 20 April 1957, Page 13

COMPANY NEWS AUCKLAND LAUNDRY

Further Increase In Profit

(New Zealand Press Association) AUCKLAND, April 19. Net profit of Auckland Laundry and Dry Cleaners, Ltd., increased sharply by £1676, or 34 per cent., to £6601 in the year ended January 31. The result was struck after providing £l3OO more for taxation at £6600 and £360 more for ordinary depreciation at £6912 and £329 less for special depreciation at £3013. Last year’s net earnings, which were the highest for 17 years, rose by 46.3 per cent, to £4925.

As was previously announced, the dividend has been raised from 5 per cent, to 6 per cent., requiring £4020. After deducting £B9, the company’s share of Commercial Dyers, Ltd., loss incurred during establishment, and writing off £2OOO for laundry rights from the net profit, reducing them to £2OOO, the net profit exceeds these appropriations by £492, and the carry-forward is increased to £5659.

During the year gross trading revenue increased by £lB,lBO to £155,817, but this was largely offset by the rise of £13,990 to £122,278 in operating expenses, and the gross profit was only £4190 higher at £33,539. Other income (including a dividend of £7OO from the associated company, Commercial Dyers, Ltd.) fell by £244 to £8333. General expenses, apart from ordinary and special depreciation and taxation expanded by £939 to £18,746.