CONSOLIDATED METAL

Press, Volume CI, Issue 29872, 12 July 1962, Page 15

CONSOLIDATED METAL

Trofit, Earning Rate Higher

“The Press” Special Service AUCKLAND, July 11. Consolidated and net profit of Consolidated Metal Industries. Ltd., Auckland, rose £15,003, or 24.9 per cent., to a new peak of £75.321 during the year ended March 31. The latest result represented an earning rate of 10.1 per cent, on shareholders’ funds. £59,111 higher at £745,840. The rate last year was 8.8 per cent. The profit was reached after provision of £75.060 for tax, a rise of £13,189. Depreciation took £25 more at £28,292. The ordinary dividend is unchanged at 10 per cent., and takes £37,989, against £22.721 last year. The steady 6 per cent preference charge absorbs £11.074. compared with £11,915.

General reserve has been credited with £20.000, against £22,000 in 1961, raising it to £85,471. After writing back surplus tax of £73, compared with a £363 underprovision last year, the carry-forward is £6331 higher at £47,786.

In the consolidated balancesheet fixed assets are shown £33383 higher at £541.922. including land and buildings of £405,837, against £382.201. Mortgages on properties total £14.100 more at £53.250.

Current assets are £18.943 higher at £525332, including stocks of £378,326 (£349.903 last year), and debtors of £139,108 (£151,954). Investments are up from £52,204 to £65.569. Current liabilities have fallen by £7189 to £340.822, although bank overdraft has increased from £156,379 to £170,675. Creditors are down by £5383 to £43,473. Business Personal Mr R. L. Gurr, branch manager at Auckland of the Guardian Assurance Company, Ltd., has been appointed assistant-manager for New Zealand, with effect from July 1. Boral Exploration.—Bitumen and Oil Refineries (Aust.), Ltd., and Oil Development, N.L., are sponsoring an oil exploration and farm-out company. Boral Exploration, N.L. A public issue involving about 10 million 5s shares is expected to be made early next month. They will be issued partly paid, either Is 6d or 2s on application and shareholders of both Boral and Oil Development will have the right to participate. Initially, the plans are to investigate and drill on a farm-out asis on the widely spread licence areas of Oil Development. It is believed that other areas are also subject to negotiations.