JACQUARD TEXTILES LIMITED

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

JACQUARD TEXTILES LIMITED

Consolidated Net • Profit Down (New Zealand Press Association) WELLINGTON, Dec. 1. Consolidated net profit of Jacquard Textiles, Ltd., Palmerston North, for the year to June 23, 1959, was £2Ol, against £4423 the previous year. Profit is reached after provision of £6616 (£5793) for depreciation and £l6l (£4355) for tax. Trading profit was £43,191 (£47,120) and general expenses were £33,626 (£30,375). The parent company is not paying a dividend. Last year’s payment of 5 per cent., the first since 1954, took £3750. After minor adjustments, carry forward in the consolidated accounts is £14,544 (£14,390). Paid capital is £74.975 and reserves amount to £14,544 (£14,390). Current assets are £118,224 (£116,213), current liabilities, £91,224 (£84,492), working capital £27,000 (£31,721), investments £lOB9 (£1029), fixed assets £102,974 (£104,356). Consolidation adjustment of £19,183 (£19,183) makes total assets £122,157 (£123,539). Long term loans amount to £32,638 (£34,174). In June, 1959, Holeproof Industries purchased a majority shareholding in the company, which has resulted in a change of directorate,” says the Chairman (Mr H. Korman) in his annual report. ‘‘The company is now in process of adjustment and reorganisation, production is being streamlined and consolidated and when required alterations are complete and production and sales adjust, reasonable profits should be expected.”