Company News FELTEX, NEW ZEALAND

Press, Volume XCVIII, Issue 28958, 28 July 1959, Page 17

Company News FELTEX, NEW ZEALAND

Full Accounts Released

'New Zealand Press Association’ WELLINGTON. July 27. Accounts of Felt and Textiles of New Zealand, Ltd., for the year to March 31, 1959, show a consolidated net profit, as reported on the preliminary statement last month, at £179,097, against £111,147 the previous year. Profit represents an earning rate of 10 per cent. <7.8 per cent, last year) on shareholder’s funds. Trading surplus for the year was £611,053 (£441.622). Depreciation at normal rates allowed by the Commissioner of Inland Revenue, took £109,869 (£109,235). Carry-forward is £502.487 (£398,976). Consolidated sales amounted to £8,744,281 (£8,326,847). Ordinary capital was increased during the year from £475.000 to £709.367 by a one for two issue at 25 per cent, premium. Preference capital remained at £250,000. Shareholders’ funds rose from £1.427.075 to £1,784,947. Working Capital Rises Current assets are £1,861.213 (£1,685,365), current liabilities £631,238 (£810,830) making working capital £1,229,975 (£874,535). Fixed assets are £1.289.938 (£1,251.366).

On the liabilities side are long term debts of £551.129 (£568.071) and interest of outside shareholders £183,837 (£130,755). The chairman. Mr H. R. H. Chalmers, says that during the year the company expanded production by approximately 50 per cent, but till recently. Government approval to applications for import licences for additional plant could not be obtained. At the same time as approval was given to British firms to establish plants in New Zealand, the company’s applications were approved and expansion plans are now proceeding. The directors feel that the new financial year may be approached with reasonable confidence.