Company News CARTER CON. YEAR

Press, Volume CI, Issue 29901, 15 August 1962, Page 21

Company News CARTER CON. YEAR

Lower Group Profit (NX. Press Association) AUCKLAND, Aug. 14. Carter Consolidated, Ltd., Auckland timber and builders' supply merchants, lowered its group net profit by £8553, or 6.7 per oent. to £127,313 tor the year ended March 31. In the previous year the company recorded a profit rise of £42,000 to £135,866, partly due to a substantial increase in turnover. The latest profit figure represents an earning rate of 10.7 per cent, on shareholders funds which were rateed by £207,447 to £ 1.191,18|. It was obtained after providing £3572 more for taxation at £154,000, and £20,723 more for depreciation. Ordinary depreciation was £91,924, with special depreciation of £15,587. Loan Interest Interest on fixed loans was down £lBl2 to £12,249. The company has again recommended a bonus dividend of 2J per cent, in addition to a final of 5 per cent making a total of 12 J per cent, for the year. The total dividend takes £72,587. compared with £57,510. Carry-forward is £450,920. an increase of £54,726. Paid capital was raised from £510,881 to £598,150 by the one-for-seven cash issue which was made early in the year at a premium of 15s a £1 share.

Rubber Dist. Profit Up

Net profit of Rubber Distributors, Ltd., for the- year to March 31, 1962, was £14.878. against £7226 the previous year. The result is reached after provision of £BOOl (£7118) for depreciation and £14,385 (£7225) for tax.

Preference dividends take £ll6O (£1080) and ordinary dividend, raised from 5 to 7 per cent., takes £6792 (£4851).

Paid capital is unchanged at £97,025 ordinary and £20,000 preference. Reserves amount to £14,079 (£7653), making shareholders’ funds £131.104 (£124,678). • The balance-sheet shows: Current assets £113,301 (£98,074), current liabilities £61,675 (£34,225) fixed assets £89,478 (£70,839)-, term liability £lO,OOO (£10,000). Debtors £29,926 (£25,718), stocks £83,221 (£72,278), bank overdraft £23,927 (£9964), creditors £10,814 (£7181). bills payable £4574 (£3924).

Latec Invest. Make Loss

Latec Investments Ltd., incurred a substantial loss during the year ended June 30, because of further bad debts discovered in the accounts of the finance companies, the directors report. The latest announcement contrasts with the statement by the board in May that the company was trading profitably. In 1961 the company incurred a net loss of £1,427,729.

New Companies

Company registrations notified in the ‘'Mercantile Gazette” include:—

Cooper (Leo), Ltd. Private company. August 2, c/o. A. Marshall, public accountant, "Havelock Courts," Havelock street. Ashburton. Capital, £BOOO. Subscribers—Ashburton: L. J. Cooper 2000 pref., I. P. Cooper 3000 ord.. A. J. Cooper 3000 ord. Objects: men’s and boys’ outfitters drapers and Incidental. Easy way Trenchers, Ltd. Private company, August 4. c/o. L D. Bennett, public accountant, 188 Hereford street. Christchurch. Capital. £lOO. Subscribers—Christchurch: A, B. Flood 99. E. D. Bennett 1. Objects: trench diggers, drainlayers and incidental Russel! (W. S.) and Company, Ltd. Private company. August 1. c/o. McGillivray and Mann public accountants, 153 Hereford street, Christchurch Capital, £BOO. Subscribers— Christchurch: W. S. Russell 425 A. F Russell 375. Objects: grocers. fruiterers and Incidental. CAPITAL INCREASES The following capital increases are notified:— Akrad (The) Radio Corporation, Ltd., from £30,000 to £200,000. Pye, Ltd. (Auckland), from £250,000 to £400,000. Canterbury Holdings, Ltd., '-im £lO.OOO to £20.000, July 31. Carson Shopping Centre, Ltd., from £3550 to £6050, July 31. Healing (A. G ) and Company Ltd., from £63,750 to £82,000, July 26 Punakaikal Sawmilling Company. Ltd., from £BOOO to £9205 July 11. Reddecliffe (A. N.), Ltd., from £2OOO to £3OOO June 13. Victoria Chambers, Ltd., from £ll.OOO to £12.650, July 16. C.S.K. Debentures. The Colonial Sugar Refining Company, Ltd., has raised interest to 7 per cent in a debenture conversion issue to be offered as an alternative to remyment of 5 per cent, stock which is due for repayment on September 30. The new issue is for the conversion of £4m maturing debentures only No cash subscriptions are offered