Company News DOMINION BUILDERS

Press, Volume XCIX, Issue 29278, 9 August 1960, Page 17

Company News DOMINION BUILDERS

Small Profit Reported A net profit of £B5l, compared with a net loss of £596 last year, is reported by Dominion Builders’ Supplies (Christchurch), Ltd., for the year ended April 30, 1960. The change is mainly due to recovery of depreciation, and to savings in expenses. Gross profit from trading fell £67 to £7237, bad debts recovered rose from £1 to £lOl, and depreciation (recovered on the sale of a car and two trucks) rose from £l7 to £771. Salaries and administration charges fell £606 to £6529. Depreciation was £464 higher at £429. Since the end of the company’s financial year shareholders have received an offer by Industrial Acceptance Corporation, Ltd., Christchurch, for the purchase of their 10s shares at 17s 6d. The new chairman (Mr G. W. Fairweather) says that many shareholders accepted this offer. Bonus Share Issue “To place the remaining shareholders on the same .basis as those accepting the offer, a bonus distribution of three shares for every four now held (making 17s 6d nominal value for every IDs share held) is proposed,” he says. “Members will be aware of the undesirable publicity given the company through Court proceedings and its effect upon the operations of the company. In addition, restricted cutting of native timbers, combined with mill operations have added to the -difficulties of operating the subsidiary company”’ he says. Preliminary investigations are now being undertaken, but the results of the reorganisation will not be known for some considerable time, he says. Dividend is again passed. Last dividend was 6 per cent, paid In 1957.

The balance sheet shows current liabilities down £6931 at £5487, capital unchanged at £36.340 in 10s shares, revenue reserves unchanged at £9OOO. and shareholders’ funds up £B5l at £45.307. Current assets fell £6232 to £33.102 and fixed assets rose £l5l to £10,691.