Company News CH'CH GAS YEAR

Press, Volume CI, Issue 29829, 23 May 1962, Page 17

Company News CH'CH GAS YEAR

Profit Rise Checked Net profit of the Christchurch Gau, Coni and Coke Company. Ltd. showed its first reversal in four years in the year ended March 31 this year. The latest profit of £31.040 shows a drop of £8290, or 21.1 per cent. The previous year profit had risen £10,378, after rises in the previous two years. Depreciation fell £6327 to £46.216 and provision for renewal of intermittent vertical chamber settings rose £1632 to £9048. Tax provision fell £BlO6 to £31.374. The steady 6 per cent dividend takes £23.058 Dividend equalisation reserve receives an unchanged £lO,OOO and carry forward is £2OlB lower at £34,300. The earning rate on higher shareholders’ funds fell from 6.25 per cent, to 4.87 per cent. Paid capital is steady at £384,297 and the profit in the latest year represents 8.1 per cent. (10.2 per cent, last year). Expenses Rise Materials and wages rose £10.968 to £436.975 and other expenses rose £8374 to £70.988. Sales of gas residuals and goods were £1248 higher at £620,936. Rents were steady at £ll6l and interest on Government stock (reduced from £350 000 to £250.000) fell £2996 to £6544. Current liabilities are £50,593 higher at £391,368 Current assets are £9256 higher at £162,202. Term debt to the A.M.P. Society was reduced by £10,502 to £41.104. Reserves after this year’s transfer are £218,768 and fixed assets are £134,397 higher at £892.083. The estimated amount of contingent liabilities for uncompleted contracts for capital expenditure is down £151,830 at £100,170.