Company News FELTEX N.Z. PROFIT

Press, Volume C, Issue 29565, 14 July 1961, Page 17

Company News FELTEX N.Z. PROFIT

17 px. Rise In Year

Consolidated net profit of Fol* and Textiles of New Zealand, Ltd., rose 17 per cent, to £238,779 in the year to March 31. after providing £173,638 (£38,973 mere than the year before) for special and ordinary depreciatibn and £45,014 more for taxation at £282.391. The result is reached after deduction of £43,366 < £ 33,523) for profits to minority shareholders of subsidiary company. Profit before tax was £564.536, against £475,006 in 1960 and £432,409 in 1959. Dividends Steady The preference dividend of 5 per cent, and steady ordinary 12j per cent, dividend takes £101.562 (£101,562) and is covered 2.8 times. Paid capital is steady at £962,500 — 250.000 preference and 712.500 £1 ordinary shares. Capital reserves are £313,461 (£318,277). Revenue reserves are £742.248 (£605.031) making shareholders’ funds £2.018,209 against £1.885.808 in 1960. Balance-sheet The consolidated balancesheet figures show current assets £2,287.670 (£2,143,382), current liabilities £1,101.611 (£956.446), fixed assets £1,573.759 (£1,433,061), term liabilities £516,410 (£533,913). The interest of the outside shareholder is £225.199 (£200,276). Carry-forward is £742.248 against £605.031 in 1960. The chairman’s statement says the demand for the company's products in all markets continued at a high level during the year, although an unstable wool market in the early part of the season restricted exports of scoured wool. The company has shown a new peak in turnover and a further record profit for the year. Turnover for the group exceeded £12,750.000.