Further Recovery By Beath’s

Press, Volume C, Issue 29637, 6 October 1961, Page 17

Further Recovery By Beath’s

Beath and Company, Ltd., lifted net profit to £20,746 in the year to July 19. This was a rise of £4390 or 26.8 per cent on the vear before. The previous year profit rose £6248.

This result was reached after providing £1296 more for depreciation at £17,817 and £1794 more for taxation at £18.150.

It represents an earning rate of 5.03 per cent. on shareholders’ funds, compared with 4.2 per cent, the year before. Dividend appropriations total £11,696 for the year. The 5 per cent preference dividend takes £5OO, while the 10 per cent, ordinary takes £11,196.

Last year there was a centennial bonus of U per cent, on ordinary shares. Profit exceeded the appropriations by £9050 leaving £62,268 to be carried forward, compared with the £53,218 carried forward the year before.

Trading Profit Gross profit from trading was £25.662 higher at £329,012. depreciation recovered on the sale of properties was £4972 and refund of

electricity charges was £2611. Current assets rose £54.836 to £512,925. and current liabilities rose £68.905 to £365.851.

An increase of £9509 in the capital reserve is made up of capital profits on the sale of properties less a loss of £lO incurred in the sale of shares.

In his review, the chairman (Mr T. W. Perry) says the profit margin is better than the company has shown for 10 years. “From the profit and loss account it will be noted that we have benefited from recovery of depreciation on the sale of the Tancred street property in Ashburton and the house property in Greymouth, and a refund of electricity charges. “However, these unusual credits have been more than offset by increases in expense items associated with alterations, renovations and improvements to the main store and branches," ,he adds.