A.C.I. PROFIT £2,144,639

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

A.C.I. PROFIT £2,144,639

Slight Decrease In Earnings (N.Z Press Association— Conunqht) MELBOURNE October 3. Australian Consolidated Indus tries. Ltd., glass-making, plastics and engineering group, again earned a consolidated net profit of more than £2 million for the third successive vear in the 12 months to June 30 Dividend is steady at 121 per cent. Directors said in their annual report today that certain freeholds and investments have been revalued, but the move extends only as far as the elimination of goodwill from accounts and the creation of a provision against the value of some overseas fixed assets This provision was considered prudent because of the possibility of future losses should international conditions deteriorate. Group net profit for the year is £2.144.639. or slightly below the previous years figure of £2.286,432 It is after £2.081.625 (£2.189.538 last year) for tax and £1.366,467 (£1,190.344) depreciation. Cost of Asset Replacement

Provision for transfer to reserve for increased cost of asset replacement is £550,000 (£595,000), raising the total appropriated in this way to £1,825,000. _ A further £75,000 goes to staff superannuation fund, making this provision £275,000. Directors said this should cover the contribution required from the company for staff superannuation benefits. Trading profit for the year, again shown after providing for certain contingencies including transfers to internal insurance funds and other provisions." is £5.489,099 (£5.576.178) Main moves in assets are increases, from £l.B million to million m investments and from £11.75 million to £14.5 million in fixed assets. These follow what directors describe as “a limited and conservative revaluation of certain ’elected assets." Goodwill, previously £2.5 million, has disappeared from accounts The balance of the £32 million of total assets is tn current assets, up during the year by £1 million to £l5 million. The bulk of the increase was in stocks, now £10.75 million. Shareholders' funds have grown by £1.5 million to £21.8 million. Of this, paid capital is just on £lO million