Company Kews WOOLWORTHS (N.Z.), LTD.

Press, Volume XCVIII, Issue 29068, 3 December 1959, Page 21

Company Kews WOOLWORTHS (N.Z.), LTD.

Net Profit Down On Last Year (New Zealand Press Association) WELLINGTON, December 2. Accounts of Woolworths (N.Z.), Ltd., for the year to September 30 confirm that net profit was £180,685, against £208,089 the previous year. The result is reached after provision of £78,126 (£118,847) for depreciation and £176,743 (£218,296) for tax. Preference dividend of 9 per cent, takes £4500, and the steady ordinary dividend of 12 per cent, takes £125,856. Carry forward is £334,157 (£283,828). Paid capital is £1,098,802, Including £50,000 preference. Shareholders’ funds total £1,957,317 (£ 1,906.988). Reserves are £585,515 (£808,186), excluding depreciation reserves of £839,382 (£761,631). Balance sheet items include: bank overdraft, £625,477 (£426,534 last year); sundry creditors, £540,964 (£566,401); stocks, £1,995,570 (£1,863,991); sundry debtors, £139,308 (£155,772). Consolidated net profit was £220,428, against £247,820 the previous year. The result was reached after providing £92,407 (£154,741) for depreciation and £217,737 (£259,277) for tax. New Stores The directors say that turnover showed a slight increase as a result of the opening of new stores. Conditions proved even more difficult than had been anticipated because there was not only a severe shortage of imported lines, but the very heavy increase in taxation reduced spending power to a stage at which the public did not have the money to buy much more than conventional necessities.

The gross profit rates of the company showed a reduction due to the introduction of food into a number of stores, and the expense ratio showed a slight increase due to increases in wages and other charges. The relaxation of import control and the easing of personal taxation should result in an increase in turnover. However, some of the profit benefit therefrom will be offset by increases in award wages.

GIANT INDUSTRIES, LTD.

Net Profit Rises To £29,222 (New Zealand Press Association) WELLINGTON, Dec. 2. Consolidated net profit of Giant Industries, Ltd., paint manufacturers, Wellington, for the year to September 30 was £29,222, against £21,403 the previous year. Profit is reached after provision of £3310 (£5669) for depreciation and £29,790 (£22,880) for tax. . Dividend, raised from 8 to 10 per cent., takes £17,000 (£13,600). Carry-forward is £32,426 (£20,204). Reserves amount to £32,426 (£20,204) in the balance-sheet and current assets are £215,822 (£196,031). Current liabilities are £76,750 (£68,409), and fixed assets are £108,251 (£100,679). Goodwill on consolidation is £2242 (£2242), Fixed-term liability is £39,542 (£32,754) and priority interests are £7597 (£7585). Bank overdraft is down from £21,487 to £12,595 and stocks are up from £143,870 to £154,982.

Transport Nelson (New Zealand Press Association) WELLINGTON, December 2. Transport (Nelson), Holdings, Ltd., report an interim group tax paid profit of £27.088 for the six months to September 30, compared with £25,979 for the same period last year. The accounts do not include trading figures for Marlborough Nelson Free Flow Products, Ltd., which is under lease. After providing for the 4 per cent, interim dividend, reserves stood at £181,624, an increase of £15,200 since March 31, 1959. Feltex, Australia.—Felt and Textiles, Australia, Ltd., advises an interim second preference dividend of 3 per cent., ex div., December 12; interim third preference of 2 per Cent., ex div. January 13.—(P.A.) Personal.— Skellerup Industries, Ltd., advises that,at a recent meeting of shareholders Mr J. Collins was elected an associate director. Bartholomew Timber.— Bartholomew Timbers, Ltd., Hami). ton, proposed to capitalise £50,000 of capital reserves derived before July 31, 1957, in a one-for-two bonus issue of ordinary £1 shares. The issue will increase paid capital from £lOO,OOO to £150,000.—(P.A.)