CO-OPERATIVE PHOSPHATE

Press, Volume XCIX, Issue 29222, 4 June 1960, Page 16

CO-OPERATIVE PHOSPHATE

First Profit Earned' (New Zealand Press Association) INVERCARGILL, June 3.

A result considered by the directors to be “most heartening” has beeri achieved the Southland Co-operatiVe Phosphate Company, Ltd. The report for the year ended March ! 31 shows that, after providing £129,758 for depreciation, the net profit is £1740. It is proposed that this should be set off against past losses, leaving losses to be carried forward of £48,615. “It was the company’s first full year of production and to clear the heavy depreciation charges and show a, profit reflects both the efficient management of the company and the excellent support given by shareholders in purchasing the company’s fertiliser,” the directors say. The report adds that total sales of fertiliser for the year amounted to ’J6.420 tons, producing a turnover of £789,094. Early in the year, says the report, a further advance of £50,000 was received from the New Zealand Meat Producers’ Board as a contribution towards the cost of the new rock store. By the end of the year the cash position was such that directors approved a repayment of £lOO,OOO to the board.

The balance sheet shows the debenture to the Meat Board at £1.290,137, compared with £1.340,137 a year previously.