Consolidated Metal Ind. Profit Higher

Press, Volume C, Issue 29557, 5 July 1961, Page 19

Consolidated Metal Ind. Profit Higher

(New Zealand Press Association)

AUCKLAND, July 4. Consolidated Metal Industries. Ltd.. Auckland, increased consolidated net profit by £.8653, or 16.9 per cent., to £60.318 in the year ended March 31. This figure includes an £Bl los~ by the Aluminium Company of New Zealand, Ltd., taken over early this year. Demand for the company’s products was “more than adequate" at its worst and “extremely buoyant” at its best, the chairman (Mr C F. Fowler) says in the annual report. The result was after providing £ 10,297 more for depreciation at £28,267 and £9173 more for taxation at £61.880 Dividend has been maintained at 10 per cent, on capital increased by the bonus issue and the allotment to Aluminium Company shareholders.

It requires £22.721. Preference charge takes £6841 Reserves receive £22.000 (£20,000 last year). Net fixed assets are £192.923 up at £469.389 after deduction of £ 16.800 more In mortgages at £39.150. Investments Up Investments are £6497 higher at £52.504. Working capital increased by £85.592 to £165,467. Current assets £203.62i higher at £506.289 consist of stocks. £349.903 <up £ 178.654); debtors, £151.954 (up £31.014»; and cash £4432 (down £6041). Current liabilitk rose £118.035 to £340.822. Main change- are a £49.800 rise lin overdrafts to £156379; a £7138 increase in creditors to £48,856 and a new item, bills payable, of £37,551. In his review. Mr Fowler savs that much better results from the Aluminium Company are hoped for in the current year. The feeding in of additional cash resources by the parent company has done much to improve liquidity.