Company News C.S.R. YEAR

Press, Issue 29236, 21 June 1960, Page 19

Company News C.S.R. YEAR

Record Profit Earned

(New Zealand Press Association) AUCKLAND, June 20.

In spite of higher costs and reduced earnings in the raw sugar mills in Australia and Fiji, tne net profit of the Colonial Sugar Refining Company, Ltd., Sydney, rose to £2,882.633 during the year ended March 31. V

This represents an increase of 13.5 per cent, from the 1959 net profit of £2,539,284. Last year, for the first time, net earnings of the company exceeded £2} million. The latest net profit is equal to an earning rate of 6.1 per cent, on shareholders’ funds, which compares with 7 per cent, in 1959. However, during the year, shareholders’ funds increased by nearly £ll million, to £47,495,190. Depreciation provision rose by £122.567 to £2,739,937. The figure for tax provision was again not disclosed.

As previously announced, dividend has been increased from 8i per cent, to 9 per cent The higher payment absorbs £1,901,240 against £1,591,200 in 1959. The directors expect to maintain the present rate for the current year. General reserve has again been credited with £1 million, bringing total reserves to £25,283,079. Last year reserves were shown as £16,697,081.

Total appropriations exceed the net profit by £18,607, leaving a carry-forward of £1,079,671. which compares with £1,098,278 in 1959.