Company News SKELLERUP IND.

Press, Volume C, Issue 29673, 17 November 1961, Page 19

Company News SKELLERUP IND.

Group Profit Higher Skellerup Industries. Ltd.. Christchurch, lifted consolidated net profit by £17,513, or 9.2 per cent., to £207.446 in the year to March 31, 1961. This result was reached after providing £5972 more for depreciation at £96,161 and £22,683 more for taxation at £217,549. However, the taxation provision includes £9391 for excess retention tax (£11,789 the year before) and a note to the accounts points out that this may not have to be paid when 1961 Budget proposals become law. Figures in last year’s balance-sheet had been adjusted to give shareholders a clearer picture of the company’s position, the secretary (Mr J. J. Craddock) said last evening. During the year the parent company acquired the minority interests in Its subsidiaries. Not Available However, profits earned before the acquisition of these shares are not available for dividend purposes, and have been transferred from revenue to capital reserve. This transfer to capital reserve is £47.730. The previous year it amounted to £6-873. A transfer of £6478 is made to minoritv interests (compared with. £29.983 the year before) This last item will disappear from the accounts in 1962. Net profit available to members of Skellerup Industries after these transfers is £153,238 (£153.077 the year before). This represents 40 per cent on ordinary' capital. With £396,349 brought forward from Last year, plus £22.547 tax provision not required, £572,134 is available for distribution. The 5 per cent, preference dividend takes £lO.OOO and the 10 per cent, ordinary’ on higher capital takes £35.388, En addition there is a bonus issue of £90,000 to ordinary shareholders. Carry-Forward Carry-forward is raised from £396,349 to £436,746. The consolidated balancesheet Shows that ordinary capital has more than doubled—from £160,000 to £353,879 as a result of the bonus issue and acquisition of minority interests in subsidiaries. Preference capital is unchanged at £200,000. Investment reserve is unchanged at £88,820, while other capital reserves are up from £129.503 to £356.591. as a result of the full acquisition of the subsidiaries. General reserve is down* from £118,436 to £85,091. this fall being due to a transfer to capital reserves. Preference dividend reserve is unchanged at £20,000 Mortgages and secured loans are up from £166.707 to £205.918. Liabilities Current 1 i'abi'liities are down from £853.298 to £839.174. Under this heading sundry creditors are £25.416 lower at £248.434, and bank overdrafts are £20.576 lower at £332.803. These liabilities are matched by current assets of £1.574.088. with cash XI 1.715 higher at £33.215. sundry debtors £56.754 higher at £454.263. and stocks £15.896 lower at £1.086.610. Fixed assets have been increa>sed from £945,097 to £973.053 while contracts for capital expenditure not provided for in the accounts amount to £98.255. Intangibles are up from £53.232 to £191.114, the bulk of this item being goodwill representing the difference between cost and par value of shares tn subsidiaries. Net asset backing of the £1 ordinary shares on balancesheet valus is 65s a share. Marlboro’ Lucerne Dividend Higher (N.Z. Press Association) WELLINGTON. Nov. 16. Directors of Marlborough Lucerne Meal Company, Ltd., recommended an annual dividend of 7i per cent, against 5 per cent, last year. The accounts show a net profit before taxation of £12,013 for 1961 compared with £10,307 for 1960. Profit is arrived at after writing off ordinary depreciation of £7lOB (1960 £4216' and special depreciation of £1873 (1960 £ 786). Taxation will absorb £6OlO and it is proposed to write off the preliminary expenses of £2208. Big Increase In Bell Bay Output < N -Z .P A.-Reuter —Copyright) MELBOURNE. Nov. 14. Comalco Industries Pty.. Ltd, is stepping up aluminium production substantially beyond the rated capacity of its Bell Bay plant in Tasmania. Only nine months after acquisition. efficiency’ measures will lift the output this year by 25 per cent, to well over 14.000 tons. Further refinements will take production to 16,000 tons in 1962. and output at the rate of 32.000 tons is expected to be achieved early in 1963. The expansion will cost more than £7 million.