HOWARD SMITH

Press, Volume CI, Issue 29800, 17 April 1962, Page 19

HOWARD SMITH

35 p.c. ,R|se In Profit Howard Smith, Ltd., shipowner and colliery owner, earned a consolidated net profit of £312,359, an increase of £108.638, or 34.8 per cent., for the year ended December 31. It is understood that the profit includes one month’s earning from Melbourne Steamship Company. Ltd., which earned a consolidated net profit, of £57.697 for the year ended June 30, 1961. The previous year Howard Smith's profit had fallen £66,737 to £203,721. Tlie latest profit is after tax £58.743 <up £19,890) and depreciation £219,914 fup £B5Bll. Trading profit of the group was £372,648 (up £195.648). while income from . investment was £291,553 (down £46.098). The group earned a net profit of £ 169,304 on sale of investments. Loss on sale of fixed assets was £53,259 (up £14,259). Outside Interest Outside interest is £26,165 (up £6481), leaving £286,194 (last year £ 184.037) available for Howard Smith shareholders. Ordinary dividend is increased from eight to 10 per cent., absorbing £324.075. The company has paid 8 per cent, for eight years. Howard Smith issued 328.114 20s ordinary shares as part consideration for the acquisition of Melbourne Steamship Company, Ltd. The company acquired the minority shareholding in Australian Sugar Company. Pty. Ltd., with an issue of 73,136 20s shares. The issues raised paid capital from £3.250.000 to £3,651,250. Since incorporating Melbourne Steamship Company, the group’s consolidated assets have risen by £1,003,664’ to £9,683,994.