GRIFFIN’S YEAR

Press, Volume C, Issue 29526, 30 May 1961, Page 17

GRIFFIN’S YEAR

Profit Up To 5151,736

(N.Z. Press Association)

WELLINGTON. May 29. Consolidated net profit of Griffin and Sons. Ltd, biscuit manufacturers, for the year to March 31, 1961, was £151.736. against £138,774 the previous year. This result was reached after provision of £67,277 (£63,6661 for depreciation, £14.705 i£U.6»s> for loss on returnable containers and

£152.224 (£139.134) for tax. Dividend, raised from 11J per cent, (including Ij per cent, bonus) to 12 j per cent, takes £68,650 (£55,502). Paid capital is £549,193 (£482,624) having been increased by a bonus issue. Reserves amount to £424,526 (£370,473), making shareholders’ funds £973,719 (£853,097), Current assets are £818.400 < £787.988), current liabilities £407,566 (£470,458). fixed assets £909.669 (£867,078), term liabilities £193,014 (£192.638), and provisions £153.770 (£138.973). Provision Questioned The directors say that the provision for loss on returnable containers was instituted in 1946, against liability in respect of containers which it charges to, and undertakes to repurchase from, its customers. After nearly fifteen years the provision has recently been questioned by the Department of Inland Revenue. The directors will oppose any assessment which may be made.

CARAPARK TRADING

Difficult Period

(N.Z.P.A.-Reuter—Copyright) SYDNEY, May 29. Carapark Holdings, Ltd was passing through a difficult period and profits had fallen, the chairman, Mr R. J. Rankin, said today. Current economic conditions had affected the company considerably during the three months to the end of March he reported. All subsidiaries continued to operate profitably but there was a fall-off in February and March compared with the profit rate of previous months. Building Plans Curtailed Highlights of his report were:— Directors had decided to curtail the motel-building programme after taking into consideration available finances and Federal Government financial policy. Demand for caravans, both domestic and commercial, showed an adverse trend in February and March, and continued into April. Light engineering orders had fallen but profits are “satisfactory under the circumstances.” Income from investments, including Carapark and General Finance, Ltd.. was lower than for previous periods.

Freighters Par

Issue

Freighters, Ltd., transport equipment maker, Melbourne, will raise about £310.000 by a par issue of 5s ordinary shares.

Basis is one-for-five ordinary shares and convertible notes held at June 9. Proceeds will provide additional working capital and finance for the group's hire purchase and leasing facilities to customers, directors state.

Cox Bros. Issue.— Cox Brothers (Aust), Ltd., retailers, have raised £l.4m from a private issue of debenture stock, the directors announced yesterday. The issue is now closed. It was made to the company's shareholders. The money has been raised in less than three months. The offer was made on March 1 —N.Z.P.A. Woolworths N.Z.— An unchanged interim dividend of 5 per cent, is payable on July 31. ex June 19. Total dividend last year was 12 per cent.—P.A.

Potato Shipments

Up to last Saturday, 15.923 sacks of potatoes had been shipped from Lyttelton, 11,689 sacks in the last fortnight. Details of shipments for the fortnight, with season’s totals in parenthesis, were:— Auckland. 563 sacks <IQSO>: Wellington. 730 <9171; Napier. Gisborne. 2467 (3137); West Coast North Island. 689 (804); Australia and Fiji, 724(1 (10.015) Shipments to the comparable date last year totalled 51.966 sacks with only 360 sacks exported to Fiji included. North Island purchases this season through Lyttelton total 5908 sacks.