REID RUBBER YEAR

Press, Volume C, Issue 29671, 15 November 1961, Page 21

REID RUBBER YEAR

Profit Rises To Record

Reid New Zealand Rubber Mills, Ltd., Penrose, increased consolidated net profit by £29,716, or 21 per cent., to a record £ 172,135 in the eleven months ended August 31. The accounts for the first time incorporate results from Security (Holdings), Ltd., holding company for the Motorways group taken over in October of last year. Profit was after providing £33,074 more for depreciation at £ 128,079, which includes £6231 for special depreciation (£2856 last year). Taxation took £180,966 (up £ 38,375).

The steady 9 per cent, dividend required £77,300 compared with £68,300 last year. Preference charges took £ 14,680. Carry Forward This left carry-forward £33,799 higher at £208,950 after the transfer of a steady £50,000 to reptacement reserve. Net fixed assets jumped £333,946 to £879,606 after the deduction ot £409,410 in term liabilities (up £87,628). Investments rose slightly by £3917 to £57,526. Working capital is £219,159 higher at £1,148,073. Current assets are £1,827,768 —an increase of £47,574.

They include debtors of £632,164 (up £184,529) and stocks of £1,119,438 (up £213,780). Current liabilities rose £251,415 to £679,695. Major changes were an increase of £146,409 in creditors, which stand at £282,258, and a drop of £4903 in bank overdraft which is now £108.581.