HARDIE BROS. YEAR

Press, Volume XCIX, Issue 29227, 10 June 1960, Page 18

HARDIE BROS. YEAR

Profit Raised To £16,483 (New Zealand Press Association) AUCKLAND, June 8. After an increase in turnover, net profit of Hardie Bros., Ltd., cartage contractors, builders’ merchants and quarry owners, Whangarei, increased by £2390 to £16,483 in the year ended March 31. The result was struck after provision of £1530 more for taxation at £17,740 and £396 more for depreciation at £11,368. In addition. £lOOO depreciation in excess of the rates allowed by the Inland Revenue Department (£2OOO in 1958-59) has been written off. Paid capital was increased from £46,000 to £73,000 during the year by a three-for-four bonus issue of 54,000 ordinary 10s shares from reserves. Sums totalling £22,000 were written back from general reserve and plant replacement reserve. An interim ordinary dividend of 6 per cent, was paid on a capital of £36,000 and a final of 7 per cent, is being recommended on a capital of £63,000. The total payment absorbs £6570, while the 5 per cent, preference dividend charge requires £5OO. Reserve Raised £4500 General reserve has been credited with £4500 (£4OOO in 195859) and plant replacement reserve has been credited with £l5OO (£3000). After deducting £5BO in respect of retention tax for 195859, writing £650 off goodwill, making donations of £l4 and writing back surplus tax of £B, the amount carried forward is £5182, against £BOO5 brought In. Gross revenue increased by £41,446 to £455,845, while expenses. apart from taxation and depreciation, were £37,130 higher at £410,256. Bank overdraft Increased from £7408 to £18,645 and the value of stocks rose from £38,240 to £45,094. Fixed assets increased from £67,147 to £83.845.