Company News ANDREWS, BEAVEN

Press, Volume CI, Issue 29942, 2 October 1962, Page 19

Company News ANDREWS, BEAVEN

New Profit Peak

Andrews and Beaven, Ltd, manufacturing and importing engineers. Christchurch, made a record profit of £72,797 m the year ended June 30. 1962., ' The latest result represents a rise of £9570, or 15.1 per cent., on the previous year’s. Last year profit rose £12474. Depreciation rose £5752 to £24,450 and taxation is £9016 higher at £72,079. Ou steady ordinary capital of £lBO,OOO the earning rate rises from 30.39 per cent, to 35.65 per cent, and on increased shareholders’ funds the earning rate edged up from 1i'.92 per cent, to 11.60 per cent.

Recommended dividends as announced earlier are unchanged at 5j per cent, preference and 10 per cent, ordinary, requiring £ 8625 and £lB,OOO respectively. Transfer to general reserve is £15,000 higher at £50,000 and carry-forward is down £2403 at £33,438. Gross profit rose £31.503 to £267,744. Expenses were £2790 higher at £80,073 and interest paid on mortgages and debentures rose £3420 to £18,634.

Ordinary capital comprises £ 180.000 in ordinary £ 1 shares and £150,000 in preference shares. The company has announced proposals for an issue of 98,000 ordinary shares at a premium of 7s 6d a share, preceded by a bonus issue of 36.000 ordinary shares. The 65,000 £1 notes are convertible into ordinary shares at par in 1965. Capital reserve is raised by £l4ol—capital profit on insurance policies—to£64,l7B Shareholders’ funds are £48.998 higher at £627,616. Mortgage debt was reduced by £3170 to £123,373. Current assets are £38,623 higher at £970,079 mainly because of an increase in stocks of £39,855 to £754,148. Current liabilities fell £7536 to £549,773; overdraft fell £15.972 to £169,228,

Investments rose from £19,349 to £21,231 and fixed assets feu £2208 to £374,462

B.H.P. Interim Div. Higher

Broken Hill Pty., Company, Ltd., has declared an interim dividend of 8d a £1 share for the half-year to November 30. This compares with the half-yearly dividends of 7|d a share declared last year. The increase is from a half-yearly rate ,of 3 1-8 per cent, to one of 3 1-3 per cent.

It raises the annual dividend basis from 61 per cent, to 6 2-3 per cent. The previous rate was established ,in the final dividend of 1960-61 (reduced from' lid to 7Jd a share* after the company’s one-for-two bonus issue.

N.Z. Refinery Directors

Mr L. G. Hucks, managing director of BP (New Zealand), Ltd, is chairman of directors of the New Zealand Refining Company, Ltd. Other directors, are: Messrs J. Carney (general manager), 3. C. Fair, H. A. Hansen. W. S. McLean, E. 3. Melrose, 3. B. Pried, B. J. Todd, Sir Leonard Wright, Messes K. B. Myers and P. B. Marshall

Electronic Ind. Recovery

Electronic Industries, Ltd, Melbourne radio and home appliance manufacturer, earned a consolidated net profit of £409,562 in the year to June 30. This compares with a loss of £314.909 in 1960-61. The latest profit does not covef the steady 124 per cenP ordinary dividend, last year paid entirely from reserves.

Dividend requirement is £632.039, including preference charges of £104,771.

New Short-Term Money Dealer

(N.Z. Press Association) WELLINGTON, Sept. 28. The Reserve Bank announced today that it has approved another dealer in the official short-term money market.

The company is Short Term Deposits, Ltd, Auckland. This brings the number of dealers approved to four.