Company News MILNE AND CHOYCE Profit Up 36 Per Cent.

Press, Volume XCVI, Issue 28399, 4 October 1957, Page 17

Company News MILNE AND CHOYCE Profit Up 36 Per Cent.

(New Zealand Press Association) AUCKLAND. October 3. Consolidated net profit of Milne and Choyce. Ltd.. Auckland retailers, rose 36 per cent, to £75,525 in the year ended July 31. The profit, which is equal to an earning rate of 8.6 per cent, on shareholders’ funds, compares with £55,418 (5.5 per cent.) in the previous year

Provision for taxation was £20.643 higher at £77,859. while depreciation took £27.516 (down £2004). Dividend of 12A per cent, (against 11 per cent, last year) absorbs £43,750, leaving a carry* forward, including surplus tax. of £1994 (£8230). of £186.195 against £152,426 brought in. Gross trading profit rose by £34.586 to £648.808, and other income was £4421 higher at £25,261. Expenses, apart from taxation and depreciation, were £493,169, an increase of only £261. Group sales totalled £2,602.383, an increase of £157,794. All subsidiaries made profits for the year and dividends paid to the parent company totalled £7220 (against £7OOO last year). The consolidated balance-sheet shows a reduction of £58,396 to £154,488 in bank overdraft and stocks are valued at £599,081 against £596,455 a year ago. Net profit of the parent company rose from £52,607 to £70,811 after tax of £65,000 (against £47,600) Gross trading profit was £609,660 (£584,294), total sales for the year rising from £2.277.949 to £2,396,778. A note with the accounts snows the book value for land and buildings for the group at £340,777. against a Government valuation of £671,750.