J. GADSDEN YEAR

Press, Volume C, Issue 29649, 20 October 1961, Page 17

J. GADSDEN YEAR

Third Record Profit (N.Z. Press Assn.—Copyright) MELBOURNE, October 19. J. Gadsden, Australia, Ltd., the canister making group, made a record profit of £629,352 in the year ended June—its third successive record result—and has held ordinary payout at 8 per cent. The pofit compares with £628.786 last year. It was earned on higher average capital as a • result of the 1-8 issue of 10s shares at par in March. It was after slightly higher depreciation of £339,169 (£333,084 previously) and tax lowered from £404,480 to £329,972. The company also made £72,435 (£29,991 last year) from the sale of fixed assets. The final 4 per cent, on ordinary shares and 2 per cent, on new shares will be paid after the annual meeting on November 24. E.M.I. Results Analysed.— Directors of E.M.I (Australai), Ltd., attribute profit fall in the latest financial year to lower profit margins from television manufacture and depressed market conditions. They say in their annual report that the TV industry suffered from over-pro-duction. The market situation had developed following the introduction of the Government’s financial restrictions. Compared with the previous year, turnover fell 20 per cent., group profit fell by 27 per cent, or £140,751 to £336,136, for the 12 month ended June 30, 1961. (N.Z.P.A.) Ampol Share Allotment.— Ampol Petroleum, Ltd. has issued a further 385,756 shares as consideration for the purchase of freehold property. The issue, which was made during September, was for property in Victoria, New South Wales and South Australia. The new shares were converted to stock units on allotment and rank equally with existing ordinary stock units.— (N.Z.P.A.) Business Personal Mr James C. Leith, man-aging-director of White Horse Distillers, Ltd., of Glasgow and London, will arrive in New Zealand on October 29 from Australia for a tour of both islands. He will be accompanied by Mr John Robertson. Australia and New Zealand representative of White Horse Distillers, and will arrive in Christchurch on November 7.