HENRY BERRY

Press, Volume XCVIII, Issue 28950, 18 July 1959, Page 16

HENRY BERRY

Fall In Profit ’ Rate (New Zealand Press Association) WELLINGTON, July 15 Consolidated net profit ot Henry Berry, Ltd., Wellington, for the nine months to March 31, 1959, was £19,657 against £29,631 for the previous 12 months. On a monthly basis the fall is 11.6 per cent. In the following report the figures for 9 months are compared with those for the previous .12 months, in parenthesis. Profit is reached after provision of £8758 (£12,068) for depreciation and £20,2u0 (£31,760) for tax. The amount available is increased by £22 tax over-provi-sion. Preference dividends take £3750 and ordinary dividend of 7j per cent, for nine months (10 per cent, for 12 months last year) takes £7500. Transfer* to Reserves Transfer to general reserve is £5OOO (£10,000) and transfer to repairs, renewals and maintenance reserve £3OOO (£5000). Carry forward is £31,375 (£30,946). Gross trading profit, including interest and rents was £193,688 (£258,129). Expenses of trading and management were £142,316 (£176,492). Paid capital, is unchanged at £200,000, half ‘in preference shares. Shareholders’ funds amount to £439,302 (£422,326), including capital reserves from assets revaluation £89,927 (£81,380) and revenue reserves, £149,375 (£140,946). Current liabilities are £236,154 (£228,213), fixed liabilities £62,048 (£53.061), current assets £453,236 (£441,335), investments £29,875 (£22,116) and fixed assets £254,393 (£240,149). Higher Salaries,’ Wages The directors say that the main causes of higher expenses were increases in salaries and wages and the provision of additional staff for the development of new lines and better service to customers. The company’s business has been adversely affected by import restrictions, but the distribution of certain locally manufactured lines has been secured and others are being developed. For the nine months to March 31, 1959, sales turnover totalled £1,137.000, an improvement of £56,711 on that for the corresponding period of the previous year. Up to December 31, 1958, trade was buoyant, but since that date there has been a definite falling off in trade.