Company News BANKS BOX

Press, Volume XCVIII, Issue 28983, 26 August 1959, Page 17

Company News BANKS BOX

Net Profit Almost

Steady

(Neu; Zealand Press Association) AUCKLAND, August 25. Net profit of the Banks BoxCompany, Ltd., Auckland, fell £923 to £35.009 in the year ended June 30. In the previous year, net earnings showed a rise of £6120. Tlie shares of the company were officially listed by the stock exchange on May 26 of this year. The latest profit was reached after tax provision of £35.105 ta decrease of £BB2 from 1957-58) and depreciation of £10.665 <a decrease of £1611). Fixed assets were written up by £63.131 during the year and a bonus scrip issue of 50,000 ordinary £1 shares was made. At the same time, the 2500 preference shares were converted into ordinary shares. Dividend Twice Covered Dividend for the year is 2s 6d a share, including a final payment of Is 6d on the higher capital. It requires £16,125. while the interim preference dividend absorbed £BO. General reserve has been credited with £lO.OOO. increasing it to £40.000. After writing back surplus tax of £25. the amount carried forward is increased from £52.818. to £61.647. Gross profit and sundry income fell £1752 to £108,789. while expenses, apart from taxation and depreciation rose £1664 to £28.010. Following the revaluation, fixed assets increased by £56.593 to £173.958, and shareholders’ funds rose by £82,380 to £426,410. Current liabilities were £420 higher at £114,513 and current assets increased by £437 to £227,102. A new item is an investment of £25.350 in the Hygrade Packaging Company, Ltd., the Palmerston North venture undertaken jointly with the Johnston Cardboard Box Company, Ltd.