CLYDE IND.

Press, Volume C, Issue 29666, 9 November 1961, Page 23

CLYDE IND.

24 p.c. Fall In Profit CNXJ’.A.-Reuter— Copyright) SYDNEY, Nov. 8. Consolidated net profit of Clyde Industries, Ltd, engineers, at £555,237 for the year ended June 30 is a fall of £178,950, or 24.3 per cent, after larger provisions. Earning rate falls from 22.7 to 15.3 on ordinary capital at June 30, after deducting £30,000 preference charge. Parent ordinary capital rose by £483,786 to £3,583,226 on the year—the result of a premium issue to shareholders and acquisition of Glazebrooks Paints and Chemicals, Ltd. Shares issued to former holders of Glazebrooks do not rank for any of the year’s dividend. The steady 15 per cent, dividend absorbs £481,166 (up £31,030). With preference charge, the total requirement is £511,166, or £44,071 less than the profit. The result is after tax £257,453 (up £14.495) and depreciation and amortisation £502,165 (up £166,709). Assets £ 20.7 m Total group assets rose by £2,300,000 to £20,700,000. Parent net profit rose by £89,743 to £779,158. Directors say that another difficult year is indicated but, with steps taken, they are confident of a satisfactory result “having regard to the conditions expected to exist” The group is sound, financially and potentially, and any temporary lull in the economic tempo will not seriously delay its progress, they say. Business Personal Mr D. C. McDonald has been appointed production manager of Todd Motor Industries, Ltd., Petone. Mr McDonald joined the company in 1952 after graduating from the University of Canterbury. Mr R. R. Brake, of the Christchurch branch of the Commercial Bank of Australia, has been selected to attend a training course at the bank’s staff training college in Melbourne.