McSKIMMING INDUSTRIES

Press, Volume XCVII, Issue 28552, 3 April 1958, Page 17

McSKIMMING INDUSTRIES

Net Profit Doubled (New Zealand Press Association) DUNEDIN, April 2. Net profit of McSkimming Industries, Ltd., Dunedin, was practically doubled to reach to £29,146 for the year to January 31. The previous year’s profit was £15,217. The latest profit was reached after providing £25,784 for depreciation (£25,401 last year), and £30,735 (£15.890) for tax. After bringing forward £13.757 from last year, plus £2285 excess tax provision, and after deducting £l2OO. share issue expenses, the sum of £43.988 remains.

General reserve receives £15.000 The 5 per cent, preference dividend takes £3OOO. and the 6 per cent, ordinary £11.400 Carry-forward is £14.588 The balance-sheet shows that capital reserves amount to £212.206, This includes a new item of £201,677 from revaluation of assets. Revenue reserves are £48.959.

Sundry debtors are up from £25 585 to £26.963, while bank overdraft has been reduced from £lO 627 to £773 Fixed assets have been written up from £229 012 to £437.072 Stocks are £ 1000 higher at £92.372. and sundry creditors are up from £57.748 to £62.399. The trading profit of all comoanies of McSkimming Industries Ltd., after allowing for all eknenses. including depreciation, fnr the year end-d January 31 amounted to £59.570 (comnared with £30.646 last year) Profits of a non-trading nature amounted to £3ll (£461 last year). The provision for taxation at current rates that must be deducted amounts to £30.735 (£15.890).