Harnish And Jordan Profit Down 8 Per Cent.

Press, Volume CI, Issue 29871, 11 July 1962, Page 19

Harnish And Jordan Profit Down 8 Per Cent.

Consolidated net profit oil Harnish and Jordan, Ltd., Auckland manufacturer of Venetian blinds and furnishings. fell £1550 <7.5 per cent.) to £19.020. The previous year profit rose £6168. The latest result is reached after provision of £l5 984. up £1154. for depreciation, and £18.823. down £2568. for taxation The earning rate on higher shareholders' funds fell from 13.54 per cent: to 996 per cent. Profit represents 18 2 per cent on ordinary capital increased by las’ year's bonus issue, compared with 24.5 per cent Sales of the company’s products continued at a satisfactory level even though Government restrictions on hire purchase were designed to decrease public demand for consumer goods, directors say. Group trading profit rose slightly to £64.769 and profit on the sale of assets was £3lO higher at £2190. Recommended ordinary dividend is steady at 10 per cenand requires £10.115 <£6900 las - year l while preference reouiremen-t is £1725 < £9l9> This year £3500 <£1000) is written off goodwill and a steady £3OOO is transferred to general reserve. This year! £1197 <nil) is shown as a loss on the sale of investments in a subsidiary.

[ Paid capital was increased by the issue of 24.000 £1 ordinary shares and now comprises £lOl.OOO in ordinary shares. £3350 in B ordinary shares and £30.000 in preference shares. Shareholders's funds are £38.909 higher at £190.879. Current assets are £21.070 higher at £227.908. of which stocks at £105.594 are almost steady, Current liabilities fell £4793 to £161.314. Trade j creditors down from £103.798 ito £98.538: were mainly rei spons ble for the fall. ■ ; Investments rose £l5BO to i £11.429. fixed assets rose £43.398 to £ 147.977 and fixed term liabilities were more than doubled at £70,106. Intangible assets are £32,093 higher at £34.985.