AIRWORK (N.Z.) ACCOUNTS

Press, Volume XCV, Issue 28314, 27 June 1957, Page 17

AIRWORK (N.Z.) ACCOUNTS

Profit Increases Threefold

Net profit of Airwork (New Zealand), Ltd., for the year ended March 31, 1957, increased more than threefold to £8312. Last year’s profit was £2459, and in 1954-55 it was £2054. Directors. report that total turnover, for the first time, exceeded £200,000.

The latest result was reached after provision of £7415 (down £2301) for depreciation, and £9036 (up £7679) for taxation. Trading profit rose £11,547 to £25,403. Taxation under-provided last year was £ 160, compared with £25 the previous year. Ordinary dividend has been raised, as announced earlier, from 8 per cent, to 10 per cent., and requires £l9OO. Unchanged 7| per cent, and 6 per cent, preference dividends take £l5O and £7025 respectively. Profit exceeds these appropriations by £5560 and carry-forward is raised to £BB2B. Depreciated value of aircraft and other vehicles fell £3542 to £18,886, and other fixed assets rose £11,207 to £15,354. Loans to employees, totalling £lBOO, is a new item. Current assets fell £l7OO to £44.475, stocks rising £9342 to £16,037. A credit balance of £9760 has been replaced by an overdraft ,of £3257. Trade creditors are down £9315 at £14,944, and sundry debtors are £1703 lower at £25,734. Total current liabilities are £2OOl higher at £29.989.

Term liabilities are £364 higher at £7722 as the combined result of a drop of £4136 in amounts owing on aircraft and other vehicles, and the appearance of a new item, dr mortgages of £4500. Capital remains at £32,700 and shareholders’ funds are £5400 higher at £42,804.