Company News PERPETUAL TRUSTEES

Press, Volume CI, Issue 29844, 9 June 1962, Page 16

Company News PERPETUAL TRUSTEES

Steady Profit

Net profit of the Perpetual Trustees Estate and Agency Company of New Zealand Ltd.. Dunedin, was steady at £4196 in the year ended March 31, 1962. Last years profit was £4026. The latest result is reached after provision of £2196 (down £72) for depreciation and £4030 (up £7O) for tax. As previously announced, recommended dividend (including bonus) is steady at 2s 3d a share (111 per and requires £2813. Staff benefit receives an unchanged £5OO and these appropriations fall short of profit by £BB3. With £97 (£9B the previous year) over-provided for tax, carry-forward is raised to £6171. Paid capital is steady at £25,000. The shares have a face value of 85s, of which only 20s has been called up. ■ As previously advised, direci tors propose to make the • shares paid to 40s by mak--1 ing'two calls of 10s in July and October. These calls, i totalling £25.000, will be . paid from pre-1957 profits and will account for the whole of the reserve fund. Total reserves are £37,922 (up £981) and shareholders’ funds i £62 922. Mortgage liability is £3OOO higher at £13.000 and current liabilities are £31,440 lower at £597.047. Fixed assets rose £5648 to £65.987 and current assets fell £33,107 to £606,982. Book value of £56,635 for premises compares with Government valuation of £67.375.

Kauri Operates At Loss Still (N Z. Press Assn.—Copynonlj SYDNEY, June 8 Kauri Timber Company Ltd,, is still operating at a loss and is not expected to return to profitable trading until the start of the nex’ financial year. The directors say that recovery from the acutely depressed conditions in the industry has been slower than expected. Sales and trading results for the half year tc February compared unfavourably with these in the previous comparable period. Last year Kauri incurred a group loss of £351.929 The loss —the second by the company since 1932—compared with a group profit of £355.647 in the 1959-60 year

Rex Consolidated Earns £40,142

(N.Z. Press Association) AUCKLAND. June 8.

Rex Consolidated, Ltd., Auckland, earned a group net profit of £40.142. subject to audit, in the year ended March 31. the chairman (Mr L. N- Ross) says in a preliminary statement. However, as the group was consolidated last October the result includes preacouisition profits totalling £24.535. The latest profit compares with last year’s result of £29.029 obtained by adding together the separate profits of the subsidiary companies. A dividend of 4 per cent, has been declared for the first half-year since reconstruction.

Bruee Wool.—The Bruce Woollen Manufacturing Co.. Ltd.. advises that details of the offer for its shares are to be released within the next 10 days —(P.A.)

Sleeper On Railway Line.— A sleeper was placed acros= .he railway line at Piri Piri. near Dannevirke, between 7 a.m. and 7.30 a.m. yesterday A goods train brushed the sleeper aside in passing but Dannevirke police say the obstruction could have wrecked the train. Inquiries are being made.—(P.A.)