MIDLAND MOTORS
Profit Eases From Peak Consolidated net profit of Midland Motorways Services, Ltd., Christchurch, fell £7171. or 2-3-9 per cent to £22,872 in the year ended March 31, 1962. This was the first fail in six years’ trading; the previous year profit rose £7213 to a peak £29,680. !i Although operating profits rose £6215 to £78.568. heavier depreciation reduced the net profit. Total provision in the latest vear rose £15.946 to £51,980. Tax provision fell £5295 to £17,682. Profits applicable to outside shareholders in subsidiary companies fell from £363 to £l7l, leaving £22,701 as net tax-paid profits of the group This figure represents 11.70 oer cent of shareholders’ funds, compared with 16.21 per cent, on lower funds last year After deduction of the preference dividend, it shows an earning rate of 22.3 per cent. (39.3 per cent, last year) on higher ordinary capital. Recommended dividend on the unlisted ordinary shares has been reduced from 15 per cent, to 10 per cent, after last year's bonus issue of 10 for 31 and takes £9178 (£10,500 last year). Recommended transfer to reserve is steady at £5OOO and consolidated carry-forward is slightly lower at £37,182. New Station During the year the company completed the building of its new passenger terminal and service station. Some additional costs were experienced "which have been reflected to some extent in the financial results.” directors say. The consolidated balance sheet shows current liabilities £12.675 lower at £36.106 and current assets (apart from vehicles) £12.879 higher at £42,228. Vehicles rose £14,584 to £151.283 and investments fell from £5771 to £295. The interest of outside shareholders is Steady at £1093. Term liabilities rose £40.594 to £60,694 and mortgages and overdraft rose £6020 to £65,708. Ordinary capital has been increased from £70,000 to £91.780. Preference capital is steady at £40.000 and shareholders’ funds rose £10.904 to £193.962. Fixed assets are £22.894 higher at £163.757.
LIVINGSTONE AND CO. advise having sold the property advertised by them. No. 123 Harris crescent, Papanui. —Advt
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Press, Volume CI, Issue 29853, 20 June 1962, Page 19
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331MIDLAND MOTORS Press, Volume CI, Issue 29853, 20 June 1962, Page 19
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