CLYDE ENG. YEAR

Press, Volume CI, Issue 29890, 2 August 1962, Page 17

CLYDE ENG. YEAR

33 p.c. Fall In Profit . Net profit of Clyde Engineering. Ltd, Wellington, fell £ 13.593. or 32.6 per cent., to £28.088 in the year ended March 31. 1962. The previous year profit rose £4399. The latest result is reached after provisions of £11.673 (down £5141) for depreciation and £28.300 (down £13.550) for taxation. It represents an earning rate of 8.13 per cent, (compared with 15.24 per cent, last year) on higher shareholders’ funds Ordinary capital was increased during the year and the profit rate fell from 23 8 per cent, to 11.6 per cent. Trading conditions affecting the company are directly related to the country's economic position, directors report. “The year under review has brought its problems because of a downward direction and the fact that the import licensing period was extended for an additional six months, without any extra licence allocation being made available to our industry.’’ Gross profit fell £5550 to £192.815 but expenses rose £26.475 to £121.958. Steady 10 per cent, dividend on higher ordinary capital takes £20.557 and the preference charge is steady at £2500 Carry-forward is £3382 higher at £61.811. Balance Sheet The balance-sheet shows that ordinary capital is £220,000 after last year’s issue, while preference capital is steady at £50.000. A share premium reserve makes its appearance at £13,750. Shareholders’ funds stand at £345.561 agatnst £273.429 last year. Current liabilities have declined from £417.862 to £274,256 w-ith overdraft down from £128,796 to '£116,102 and bills payable from £118,585 to £49,598. Current assets are down from £538.986 to £437.376 Debtors were £1354 higher at £125.518 and stocks were down from £406.239 to £297,405.. Fixed assets have increased from £149,911 to £179.921 after deducting mortgages of £31,790.