ALEX HARVEY NET PROFIT

Press, Volume XCIX, Issue 29228, 11 June 1960, Page 16

ALEX HARVEY NET PROFIT

Rise To New Peak Level

(New Zealand Press Association) AUCKLAND, June 10. Consolidated net profit of Alex Harvey and Sons, Ltd., Auckland, rose by 46.1 per cent, to a new peak level of £153,502 during the year ended March 31.

This follows a substantial increase in sales during the year, the aggregate sales of all products of the company and its sumsidiary having reached a new peak. The earning rate on shareholders funds of £1,242,877, compared with £1,176,778 in 1959, improved from 8.9 per cent, to 12.4 per cent.

Ordinary depreciation was down by £644 to £61,957, while special depreciation, at £3170, was £6038 lower than a year ago. Tax provision absorbed £155.068, a rise of £48,623 from the 1959 level of £106,445. Gross trading profit of £745,031 compared with £597,314 in the previous year, and exceeded the previous record, set in 1956-57, by £140,407. Expenses rose sharply from £314,005 to £374,495.

Ordinary dividend, as announced earlier, has been increased from 10 per cent, to 12J per cent, by the addition of a 2j per cent, bonus to the unchanged 5 per cent, final payment. The total ordinary dividend requirement is £84,375. The steady 5 per cent, preference payment takes £3600. Carry forward is increased from £153.963 to £216,605—a rise of £62,639.