MAPLE FURNISHING YEAR

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

MAPLE FURNISHING YEAR

Record Turnover And Higher Profit I (New Zealand Press Association) AUCKLAND, April 28. Consolidated net profit of the Maple Furnishing Companies, Ltd. (formerly Maple Holdings, Ltd.), increased by £4940 to £48.092 following a sharp increase in turnover to a record level during the year ended March 31. Latest profit was reached after increasing the provision for profit not yet earned on accounts still to be collected by £19,732 to £916,054. This reflects the increase in sales with its subsequent increase in hire purchase debtors. In the previous year, when sales were reduced by hire purchase restrictions, a transfer of £B6Ol was made from suspended profit account to the profit and loss appropriation account Provision for taxation was £6883 higher at £44,405, while depreciation was £679 lower at £16,594. Paid capital was increased during the year by cash and bonus issues, each made in the ratio of one share for every five held. Dividend, including a final payment of 6 per cent .on the higher ordinary capital, is 11 per cent., compared with 12 per cent, in the previous year. It requires, with the preference payment of 5 per cent., a total of £29,390, against £26,842 in 1958-59. The net profit exceeds the dividend requirements by £18,702 and the amount carried forward is raised from £121,035 to £139,737. The directors state in their report that record sales, showing a substantial increase over 1958-59 figures, were achieved during the year.