Company i\ews TEKAU KNIT. PROFIT

Press, Volume CI, Issue 29908, 23 August 1962, Page 19

Company i\ews TEKAU KNIT. PROFIT

Record £48,468 For Year

Recovering after a setback last year Tekau Knitwear Ltd., Timaru. and its subsidiaries, show a rise in consolidated net profit of £18,937 to a record £48.488 in the year to May 19. Result is reached after £9026 more for depreciation at £36,522 and tax of £47,937. up £18.246. Representing 16.16 per cent, on unchanged ordinary capital of £300,000 this compares with 9 8 per cent, last year. Dividend requirements. 5 per cent, preference and 9 per cent. ordinary, are £29,500, the same as last year.

Carry forward at £36.539 is £18,968 higher than the £17,571 brought in from last year. According to the consolidated balance sheet shareholders’ funds are £18.968 higher at £462,414 than last year’s £443.446. Falling £53.672 from £497.318 ‘ last year, current assets are £443.646. This takes in £286,374 (£340,770 last year) for stocks of yarn, garments, etc., and £4146 (£16.493> for advance payment for yarn to arrive. Current liabilities have fallen from £289,206 to £236.456. Bank overdraft is £74.691 down at £96,672. while £35.583 (£33.120 last year) is owing to suppliers. Owing on uncompleted buildings is £16,410. while £21,933 is owing on machinery purchased under agreement.

Working capital is only £7B higher at £208.190. Fixed assets are £359.976 (£323,014), less fixed term liabilities, mortgages on factories and houses, up £18,072 at £105,752,

Forward bookings for the 1962 spring were down compared with the record level of the spring before, sa.ys the chairman (Mr F. H Mclntosh) in his report. “Directors consider that this can be largely attributed to the economic outlook and credit controls.” he adds.