Company News GOLDEN BAY CEMENT

Press, Volume XCVI, Issue 28414, 22 October 1957, Page 17

Company News GOLDEN BAY CEMENT

Profit Rises 17 Per Cent. (New Zealand. Press Association) WELLINGTON, October 21. Consolidated net profit of the Golden Bay Cement Company. Ltd., and subsidiary, rose £83,472. or 17 per cent., to £198.598 in the year ended June 30. Profit is reached after provision of £152.899 (£166.131 last year) for depreciation, a transfer of £20.000 (£20,000) to depreciation reserve, and the provision of £240.000 (£124,525) for taxation.

Record production and sales figures were achieved during the year.

Dividend, as announced earlier, has been raised from 7 per cent, to 8 per cent., and requires £82,500. General reserve receives £40,000 (nil last year); and ship replacement reserve £76,000 (nil). Profit exceeds these appropriations by £9B and carry-forward is increased to £68,119. “Very Satisfactory Outcome’* The directors say that the very satisfactory outcome of the year is the result of the efficient operation of the cement plant and the success of bulk distribution facilities. All plant has now been ordered for the expansion scheme, which is due to be completed about the end of next year. During the year paid capital was increased from £750,000 to £1,125,000 by the issue of 750,000 ordinary £ 1 shares paid to 10s. Calls paid in advance total £66,303. Reserves are increased by £136,098 to £255,670. Shareholders’ funds are £1,446,973. Secured liabilities are £200,000 (£200,000) current liabilities £440,246 (£379,912), fixed assets £1,052,534 (£977,744), investments £533.593 (£118,484), and current assets £516.058 (£540,192). Production an* Sales

Cement produced during the year totalled 142,170 (118.985) tons. Sales reached 139,807 (118,533) tons, and the company ship, Golden Bay, carried 107.773 (69,994) tons.

In the last six years sales have increased from 44,2 fl to 139,807 tons.