Company News HOWARD SMITH
Sharp Recovery In Profit Consolidated net profit of Howard Smith, Ltd., Sydney, recovered by £15,038 to £270,508 in the year ended December 31. In the previous year, group earnings fell sharply by £106,226 to £255,470. The latest result was struck after tax provision of £34,278 (not disclosed in the previous year) and depreciation of £386,191 (an increase of £17,163). Trading profits of the Howard Smith group increased by £27,626 to £522,766, while investment income rosi by £12,079 to £159,406. In addition, the group earned capital profits of £32,043 from the sale of fixed assets and £132,000 from the sale of a proportion of rights to shares issued “by a company in which shares are held as an investment.” Howard Smith is a large shareholder in 8.H.P., which made a one-for-flve par issue last year. After deduction of outside shareholders’ interests of £42,888 (a reduction of £14,085) the amount available to Howard Smith shareholders was £226,620 (an increase of £29,123). The unchanged ordinary dividend of 8 per cent, requires £160,000 and the 6 per cent, preference charge takes £15,000.
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Press, Volume XCIX, Issue 29189, 27 April 1960, Page 21
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182Company News HOWARD SMITH Press, Volume XCIX, Issue 29189, 27 April 1960, Page 21
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