MANAWATU MILLS’ PROFIT

Press, Volume XCVIII, Issue 29067, 2 December 1959, Page 26

MANAWATU MILLS’ PROFIT

1952 Peak Almost Reached

(New Zealand Press Association, AUCKLAND, December 1.

Record sales lifted net profit of Manawatu Knitting Mills, Ltd., Palmerston North, by £5065 to £17,188 in the year ended October 19—the highest profit * since the 1952 peak of £17,683. Dividend is maintained at 10 per cent. Profit was struck after providing £l4l more for depreciation at £9264 and £4565 more for taxation at £15,430. Gross trading and manufacturing profit was up from £73,993 to £86,857, but expenses were £2840 higher at £44,977, In addition to the net trading profit of £30,329 (£20,760), dividends from other companies increased by £385 to £1865, while interest from Government Stock was steady at £143. Profit on the sale of plant and cars was £2Bl (£605). Dividend Takes £9OOO Dividend takes an unchanged, £9OOO, while the general reserve is again credited with £5OOO. Carry-forward is £30,865, against £27,677 last year. The balance-sheet shows shareholders’ funds at £195,865 —an Increase of £BlBB—on a paid capital of £90,000.

Current liabilities declined from £190,640 to £176,549, They L.clude an overdraft of £117,540 (down, £8286) and creditors at £28,215 (down £13,759). Fixed assets are £lBB6 higher at £62,451 and include land and buildings in the books for £13,339, but having a Government capital value of £48,500. Investments in other companies rose by £3701 to £16,903, while an unchanged £447 was invested in Government loans. Current assets decreased from £300,080 to £288,590. They include debtors £936 lower at £53,419, and stock reduced bv £10,552 to £234,868,