TRUTH N.Z. YEAR

Press, Volume C, Issue 29520, 23 May 1961, Page 19

TRUTH N.Z. YEAR

Big Rise In Profit (N.Z. Press Association) WELLINGTON, May 22. Net profit of Truth (N.Z.) Ltd, for the year to March 31, 1961, rose £24,139, or 77 per cent, to £55.520. The previous year profit fell £7793. Profit was reached after provision of £20,347 (£25,590) for depreciation and £48.507 (£45,923) for tax. Preference dividends take £3505. Ordinary dividend, maintained at 12 per cent, on capital increased by a one-for-two bonus issue, takes £22.813 and is covered 2.3 times. Property Purchase

The directors say that gross revenue indicates a favourable trend in the company’s trading, but rising costs require constant attention. Advantage was taken of the easing of import restrictions to increase sales of overseas periodicals. A building has been bought in Auckland. Gross revenue was £815,530 (£746.699) and expenses were £711,483 (£669.395). Paid capital is £251,866 (£188.496) of which £190.110 (£126.740) is ordinary and £61.756 (£61,756) preference. Shareholders’ funds amount to £365,555 (£336.839). Current assets are £242,545 (£244.587), current liabilities £153,306 (£146.478), invest-

ments and advances £69.000 (£30.569) and fixed assets £214,009 (£320.600). Fixed liabilities are £106.693 (£112,439).