FARMERS’ TRADING
Sales Down, Profit Up (N.Z. Press Association) AUCKLAND. May 25. Consolidated net profit of Farmers’ Trading Co., Ltd.. Auckland, edsed up £5183 or 1.7 per cent, to £310,422 in the year ended March 31 in spite of slieihtly lower sales of £10,966.552—a fall of less than 1 per cent. The result was struck after transfer of £20.000 from profits earned on hire-purchase sales made the previous year to the special debtors reserve The record profit was achieved’ because of lower provision for unearned profits following the decline in sales It was made after providing £7316 more for depreciation at £105.876 and £22.224 more for taxation at £336.654. Earning Rate Profit represents an earning rate of 12 per cent, (last year 14.4 per cent.) on average ordinary funds and of 28 7 per cent. (30.8 per cent.) on average ordinary capital A tax adjustment of £31.389 and an amount of £24,541 previously written off are written back. Transfer to general reserve is £250,000 (nil) and that to capital reserve £16,449 (£178,406) Current assets fell £308.769 to £3,323,611 and current liabilities fell £327,355 to £1.828,501.
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Bibliographic details
Press, Volume CI, Issue 29832, 26 May 1962, Page 16
Word Count
185FARMERS’ TRADING Press, Volume CI, Issue 29832, 26 May 1962, Page 16
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