Company News PETROUS IND.

Press, Volume C, Issue 29684, 30 November 1961, Page 21

Company News PETROUS IND.

Unprofitable Trading Net profit of Petrous Industries, Ltd., Dunedin, fell from £3957 to £79 in the year ended August 31. In the previous year profit rose £4Bl. The latest result is reached after provision of £4775 (up £738) for depreciation and £32 (down £4122) for taxation. Gross trading profit fell £5518 to £19,632. Directors say that towards the end of the year there was a marked drop in the sales of roofing tiles “attributable undoubtedly to the Government’s policy of allowing the unrestricted importation of galvanised iron for roofing purposes. “In all, there were 400.000 fewer tiles sold than in the previous year, and this drop meant that profitable trading was not possible. Activities Diversified “During the year the company continued to diversify its activities by expanding into the field of prestressed concrete. While progress in this direction has not been spectacular it has been steady and is encouraging. “With the heavy contraction in the home building industry, future prospects cannot be viewed with optimism.’’ As announced earlier, no dividend is recommended. Last year an 8 per cent, dividend was paid. Shareholders’ funds are £79 higher at £60,064, of which paid capital is £40.000. Current assets rose £5304 to £54.648; stocks are up from £26,147 to £30.499. Current liabilities rose £1291 to £35,517; overdraft rose from £12,997 to £21,074. A new item is debentures, £7600. Fixed assets rose from £44,467 to £48,133. Shares in other companies are steady at £4OO.