Company News WHAKATANE ACCOUNTS
Profit Recovers To £131,970 (New Zealana Press Association) WELLINGTON, August 2. The directors of Whakatane Board Mills, Ltd., report a net profit of £131,970 for the year to June 30, compared witn £40,376 in 1956 and £113,942 in
1955. The directors say that the profit indicates the progress the company is making after overcoming the difficulties associated with running in its second machine. The profit is reached after provision of £126,677 for taxation and £217,912 for depreciation £135,221 ordinary and £82,691 special. Last year’s profit was after provision of £30,185 for taxation and £202,130 for depreciation—£l4o,l7l ordinary and £61,959 special.
As previously announced, ordinary and preference dividends are restored from 5 to 6 per cent., and the preference payment is free of Social Security charge.
The chairman of directors, Mr G. H. Mackley, announced last night that the vacancy on the board of directors caused by the death of Mr Ernest Brown has been filled by the appointment of Mr Maurice L. Hobday, who has succeeded Mr Brown as general manager of the company.
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Press, Volume XCVI, Issue 28346, 3 August 1957, Page 15
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178Company News WHAKATANE ACCOUNTS Press, Volume XCVI, Issue 28346, 3 August 1957, Page 15
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