Reed Paper

Press, Volume C, Issue 29626, 23 September 1961, Page 16

Reed Paper

(N Z.P.A -Reuter—Copyright) MELBOURNE, Sept. 22. Reed Paper Products (Holdings). Ltd., packaging group, earned profits equal to 35.9 per cent, on capital in the year ended June 30— its first as a public company. Directors, however, said sales and profits fell in the last quarter of the year and they forecast difficult conditions for some time. Profit from the annual accounts is £175.464 including £3293 surplus from the disposal of plant and machinery.

Directors say that the immediate future presents some difficulties for maintaining profits because of a recession in demand, keener competition • and the import of raw materials for packaging at prices significantly lower than locally made comparable grades.

A.C.L Prospects (N.Z. press Assn.— Copyright) MELBOURNE, September 21 Australian Consolidated Industries, Ltd., glass, plastics, engineering and packaging group, expects lower but still satisfactory profit for the current year, the chairman (Mr J. A. Forrest) said at the annual meeting yesterday afternoon. Results of. the subsidiaries for the first five months of the current period compared unfavourably with the corresponding months of last year, he said: Sales for the full year were not expected to reach 1961 levels. Signs of improvement noticed in July had been rather slower in developing than expected. Extensions to glassmaking plants in Christchurch end Auckland feature in the company's development plans

Wormaid Bros.—Wormaid Brothers Industries, Ltd.. New South Wales, earned a net profit £76.050 higher at £382.261 in the year ended June 30. and expects higher profits in the current financial vear. Budget forecasts had been submitted to the management. envisaging higher earnings, and the directors considered these estimated cou’d be achieved, said the chairman. Mr G. G Russell, in his report. The latest profit was after tax of £327804. an increase of £70,289 and depreciation £24.556 higher at £167.193

CHANGE OF ADDRESS Messrs Milton and Howarth, sharebrokers, wish to advise that they have moved into new offices on the first floor of the Bank of New South Wales Building, 112 Hereford street. P.O. Box 2361, ’Phone 80-141. —Advt.