N.Z. PAPER MILLS

Press, Volume XCVIII, Issue 28894, 14 May 1959, Page 19

N.Z. PAPER MILLS

Sharp Rise In Profit Last Year (New Zealand Press Association) DUNEDIN, May 13. Net profit of New Zealand Paper Mills. Ltd., Dunedin, rose £7619 to £25,533 in the year ended March 31, 1959. This is the biggest profit earned since 1953, when the figure was £32,786. The latest result is reached after provision of £45,313 (up £5035) for depreciation, and £25,800 (up i £6800) for taxation. Trading profit rose from ; £113,729 to £136,830, while ini terest and rents brought in £2681, against £2304 last year. With £56,244 brought forward from • last year, plus £346 tax over- , provision, the total available is : £82,123.

Dividend, raised from 8 per cent, to 10 per cent., takes £20,000 against £16,000 last year, leaving £62,123 to be carried forward. General reserve is steady at £lOO,OOO, as is depreciation and maintenance reserve at £17,685. Bank overdraft has been increased by £4918 to £124,897, while sundry creditors are £49.206 lower at £24.637. Stocks are up from £172.915 to £181,774. while debtors are £7046 lower at £98.665. Fixed assets have been written down from £315,377 to £293.939.

The directors report that demand for the company’s products including new lines, has beer steady. Increased output wa< readily marketed. Operation* have expanded in all departments