John Chambers Lifts Profit 12 Per Cent.

Press, Volume C, Issue 29665, 8 November 1961, Page 26

John Chambers Lifts Profit 12 Per Cent.

IHcw Zealand Press Association)

AUCKLAND, Nov. 7. In a year of consolidation to June 30, John Chambers and Son, Ltd., engineer and importer. Auckland, lifted net profit by £5BBl. or 124 per cent.; to £53.252. The chairman, Mr G'. N. Roberts, said in his report that, in preparation for future expansion, considerable staff reorganisation had taken place during the year. A new engineering division had been created. A new depot had been opened in Auckland and a section bought on which the head office and main warehouse would be established in due course. These developments, he said, had not been brought about without higher overhead costs, but the 10.3 per cent rise in expenses had been more than countered by increased business, gross trading profit having risen by £57323, or 10.6 per cent, to £663.016. The latest net result was reached after providing £6950 more for tax, at £55,650 and depreciation of £21.587, an increase of £223.

As previously announced, the ordinary dividend has

been raised from 7 ? per cent, to 8 per cent., taking £35,600 against £33,375 in the previous year. The steady 5 per cent, preference charge again takes £2750. General Reserve £315,000 General reserve again received a transfer of £lO,OOO, which lifted the reserve from £305.000 to £315,000. A surplus tax provision of £54 was written-back, against a surplus of £lll in 1960, leaving a carry-forward £4956 higher at £46,297. Changes in the balancesheet include a sharp rise of £279.967 in bank overdraft, which increased to £363.695 during the year under review. Creditors totalled £9584 more at £132.858 and mortgage liabilities were up £4385 to £33.109 Current liabilities amounted to £635.503 compared with the previous year's total of £331,983. At the same time, current assets increased from £984,369 to £1.295.466. a rise of £311X197. Total fixed assets on the balance-date were valued at £269,976, a rise of £6115. These included land and buildings up from £172,987 to £178,235 and motor vehicles at £44,013 compared with £374111 a year before.