Company News NEECO PROFIT DOWN

Press, Volume XCIX, Issue 29237, 22 June 1960, Page 19

Company News NEECO PROFIT DOWN

Decline Of 5.3 p.c. On Last Year

Consolidated net profit of the National Electrical and Engineering Company, Ltd., Wellington, fell by £2643 to £47,567 during the year ended March 31. This represents a decline of 5.3 per cent, from the 1959 profit of £50,210. On shareholders’ funds of £704,427, the earning rate is 6.7 per cent., compared with 7.5 per cent, in the previous year. The latest figure was reached after provision of £20,299 for depreciation, against £24,741 last year, and tax provision of £54,100 (£58,000 in 1959). A surplus tax provision of £209 and a capital profit of £391 fropi the sale of assets were written into this year’s accounts. The unchanged dividend of 25 per cent, took £29,568. No transfers to reserve' were made. In the previous year the sum of £50,000 was transferred to renewals reserve, while income tax reserve was credited with £lO,OOO.

The carry-forward of £152,447 compares with £133,848 the year before. Changes in balance-sheet Items include a drop of £46,698 in current liabilities, which are shown as £301,947. Trade creditors are down by £40,771 at Bank overdraft was reduced from £82,850 to £49,328 during the year.

Current assets total £928,745, compared with £945,328 last year. Debtors are up from £223,326 to £263,819. Stocks, stores, tools, etc., are down by £56,564, from £719,756 to £663,192.