Company News VIBRAPAC BLOCKS

Press, Volume XCIX, Issue 29240, 25 June 1960, Page 16

Company News VIBRAPAC BLOCKS

Record Profit Last Year

Net profit of Vibrapac Blocks, Ltd., Christchurch, rose £7864 or 61 per. cent, to a record £20,762 in the year ended March 31, 1960. This result was reached after provision of £10.580 (up £2194) for depreciation and £20.830 (up £7930) for taxation. Gross profit rose £24,397 to £89,895 and rent received was £32 higher at £250. Expenses were £16,565 higher at £69,383 Tax under-provided last year was £5 (compared with £213 overprovided the, previous year) arid £296 was lost on the surrender of a life assurance policy. Dividend, as announced earlier, has been raised from 8 per cent, to 9 per cent, on canital raised from £93,062 to £lOO,OOO. Dividend requirement is £2408 higher at £8925. Tansfer to general reserve is steady at £5OOO. With the under-provided tax and the loss on the Insurance policy, appropriations fall short of net profit by . £6536 and carry-forward is raised by this amount to £15,183. Shareholders’ funds rose £18,474 to £136,559, mainly through the increase in revenue reserves. Current assets are £16,785 higher at £114,924. and current liabilities are £8725 higher at £67.733. Investments are down £542 (the amount of premiums on the surrendered life insurance policy) to £20,000, comprising 20.000 shares in Vibrapac (Otago) LtdFixed assets rose £10,956 to £109,368. A term liability of £40.000 is unchanged.