Company News J. MERCER INDUSTRIES

Press, Volume XCIX, Issue 29192, 30 April 1960, Page 16

Company News J. MERCER INDUSTRIES

Profit Steady Nef consolidated profit of J. Mercer Industries, Ltd., Christchurch, was almost steady at £29,727 in the year ended February 29, 1960. The latest result shows an increase of £328 on last year’s figure. The result was particularly gratifying in view of the effect of the economic situation on sales of domestic lines in the early part of the year, directors' report. Profit was reached after provision of £13,112 (down £786) for depreciation and £30,530 (up £347) for taxation. Gross profit rose £11,022 to £130,305, income from rents rose £641 to £1553 and expenses were £11,755 higher at £56.889. Dividends are unchanged at 10 per cent, ordinary and 61 per cent, preference. Ordinary dividend requirement is £12,000 and preference requirement is £4937. Donations are slightly higher at £153. Last year £12,832 was transferred to reserves and £2500 written off capital expenses but no allocations are made under these headings this year.

With £563 (up £188) received from dividends, the amount available exceeds appropriations by £13,200 and carry-forward is raised by this amount to £57,959. Bank overdraft fell £7037 to £155,689 and creditors fell £20,443 to £28,617. Total current liabilities are £223,304 and current assets are £368,061. Shareholders’ funds of £307,959 comprise £51,000 in reserves, £199,000 (of which £79,000 is preference capital) in paid capital and £57,959 in the appropriation account. Fixed assets are £227.030.