DEVONPORT STEAM

Press, Volume XCVIII, Issue 28906, 28 May 1959, Page 19

DEVONPORT STEAM

Sharp Rise In Profit (New Zeatana Press Association) AUCKLAND, May 27. Net profit of the Devonport Steam Ferry Company, Ltd., rose £3993, or 17.1 per cent., to the highest level for at least 25 years at £27,282. The result was struck after providing £2697 more for taxation at £25,872 and £1335 more for depreciation at £8595. In the balance-sheet the value of the fleet of vessels is shown £5418 lower than in the previous year at £84,881. Book value in 1957, plus additions and less writing off, was £96,063, while depreciation in the two years to March 31, 1959, amounted to £11,182. The company’s net earnings for the current year represent an earning rate of 12.5 per cent, on shareholders’ funds, compared with 10.8 per cent, in 1957-58 and 6.4 per cent, in 1956-57. Operating prpfit for the year was £7445 higher at £60,807 and other income from interest and dividends rose by £5BO to £2192. The dividend has been raised from 8 per cent, to 15 per cent, requiring £24,375. No other appropriations were made and the net profit exceeds the dividend requirement by £2907, raising the carry-forward to £19,903. The balance-sheet shows that creditors were £3569 .higher at £25,523. Cash in hand and at bank rose sharply by £37,024 to £76,402. Stocks and stores were nearly halved by a reduction of £10,930 to £11,646. Debtors increased by £8457 to £24,626. The final dividend of 10 per cent, will be payable on June 16.