Company News CANTERBURY SEED

Press, Volume XCVIII, Issue 28840, 10 March 1959, Page 21

Company News CANTERBURY SEED

Recovery In Profit

Consolidated net profit of Canterbury (New Zealand) Seed Company, Ltd., rose £4288, or 12.2 per cent, to £39,371 in the year ended November 30, 1958. The previous profit had fallen £17,533. Latest result is reached after provision of £72,941 (down £3668) for depreciation and £39,740 (up £3090) for taxation. The interest of outside shareholders is £17,260 (up £1064), leaving the holding company’s share of the profit at £22,111 (up £3224).

Steady 7 Per Cent. Dividend The parent company’s accounts show a net profit of £13,722 (up £2149), reached after provision of £12,520 (down £2077) for depreciation and £4740 (up £2140) for taxation. Dividend is steady at 7 per cent, and requires £10,990. Recommended transfer to general reserve is £2OOO (£lOOO last year) and to building and plant reserve £llB (nil last year). Profit exceeds these by £614 and carry-forward is increased by this amount to £7248. Consolidated trading profit rose £4398 to £162,030. Current liabilities rose £255,869 in the consolidated accounts to £831.003. mainly because of an increase of £276,263 to £663,405 in overdraft. Under this heading, provision for taxation is shown at £78,809, a decrease of £15.133. Current assets rose £281,209 to £888,938, the main movement being an increase of £275,342 to £66f,470 in stocks.

Term liabilities (mainly mortgages) fell £2401 to £170,249. The interest of outside shareholders rose £8305 to £212,832. Paid capital is steady at £157,000, and capital reserve remains at £56,680. Revenue reserves rose £11,121 to £132,514, and shareholders’ funds rose by the same amount to £346,194. Fixed assets are £8315 lower at £671,340.