GILLMAN PROFIT DECLINES

Press, Volume XCVIII, Issue 28936, 2 July 1959, Page 15

GILLMAN PROFIT DECLINES

Packaging Finn’s * Year (New Zealand Press Association) AUCKLAND, July 1. Net profit of Gillman Packaging, Ltd., Auckland, cardboard box and carton manufacturers, declined by £2300 to £13,743 in the year ended March 31. The result is equal to an earning rate of 9.6 per cent, on shareholders’ funds of £143,005, compared with 14.3 per cent, on £111,845 in 1957-58. It was struck after tax provision of £12,903 (a decrease of £3809 from 1958) and depreciation of £11,621 (an increase of £569).

Ordinary dividend has been maintained at 8 per cent, on capital increased by an issue of 20,000 £1 shares at a premium of 4s. It requires £5382. The preference dividend charge, increased during the year frdm 5 to 6 per cent, on a participating basis, absorbs £l2OO.

No addition has been made to reserves, which were credited with £ll,OOO in 1958, and the balance of current profit of £7161 increases the amount carried forward to £8226.

Gross trading profit declined by £1346 to £63,747, while expenses, apart from depreciation and tax provision, were £4194 higher at £25,480 Bank overdraft expanded by £7894 to £24,498, and the value of stocks increased by £9154 to £77,755. Fixed assets increased by £22,933 to £111,664, mainly as a result of additions to plant and machinery.